Asset and liability balances are transferred from the adjusted trial balance to the income statement.

Name: Asset and liability balances are transferred from the adjusted trial balance to the income statement.
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Question

Quizplus · Accepted Answer

Asset and liability balances are not transferred from the adjusted trial balance to the income statement, but rather to the balance sheet. The income statement includes only revenue, expense, and net income (or net loss) accounts.

Asset and Liability Balances Are Transferred from the Adjusted Trial