Weygandt, Accounting Principles, 12e Chapter 3.7

3-7.  
Why may a trial balance not contain up-to-date and complete financial information?

 7.     A trial balance may not contain up-to-date information for financial statements because:
          (1)    Some events are not journalized daily because it is not efficient to do so.
          (2)    The expiration of some costs occurs with the passage of time rather than as a result of daily transactions.
          (3)    Some items may be unrecorded because the transaction data are not yet known.

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