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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