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During the interview he replied with confidence when he was asked: What is "adjusted trial balance"?

Any balance which is taken on trial basis from IS and BS for the purpose of accountability is called "Trial Balance". After making corrections, if required, to that balance is then termed as "Adjusted Trial Balance". -------------------------------------------------------------------------------------------------------- Was he right?

Accounting Financial Accounting
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Question added by Mohammad Ashfaq , Financial Controller , Union COOP
Date Posted: 2013/05/03
Upvote (3) Views (87) Followers (4) Answers (8) Report Question
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Tahir Mahmood
by Tahir Mahmood , Freelance Accountant , Mazdoo Accounting

Adjusted Tb basically is the TB after adjustment of some accounts, like depreciation, provision of bad debt, waiver, exemption etc.
In the end of year we find some necessary adjustment and when we did these its called adjusted TB.

Maddamasetti Rajasekhar
by Maddamasetti Rajasekhar , chemical engineering manager , Dr.Reddy Laboratories Limited

No.He was wrong

adjusted trial balaces are provisions, reservations and depretiations

Rizwan Baig
by Rizwan Baig , Accountant & Assistant procurement Manager , Kaybee Constructors

An Adjusted trial balance is list of balances of ledger account, which is created after the adjusting entries,adjusted trial balance contains balances of incom and expenses along with those of assets,liabilite & owner equities.

Kokab Rahman
by Kokab Rahman , Managing Director, Head of Business Development , Radeya Business Services http://www.radeya.biz

No he was wrong.
Adjusted trial balance are the columns of the worksheet that contain ledger account balances after adjusting entries have been posted.
The10-colum worksheet is used in preparing the financial statements.
It greatly simplifies making the financial statements.
The columns of the10-column worksheet are: Trial Balance, Adjusting entries, Adjusted Trial balance, Income statement columns, and balance sheet columns.
The amounts in the adjusted trial balance are forwarded to the either the income statement columns or the balance sheet columns.
(income and expense balances go to the income statement columns.
Assets, liability, and equity balances are taken to the balance sheet columns.)

Silagi Aruho
by Silagi Aruho , accounts assistant , Uganda clays ltd

This is a10 column work sheet that contains ledger account balances after adjusting entries have been posted in appropriate accounts.

Ernest Danquah
by Ernest Danquah , Pioneer food cannery Limited ( Thai Union Group)

An adjusted trial balance is a listing of the ending balances in all accounts after adjusting entries have been prepared. ... To be used to construct financial statements (specifically, the income statement and balance sheet; construction of the statement of cash flows requires additional information)

Nagoorammal Abdul Rahman
by Nagoorammal Abdul Rahman , Finance Manager , Vox Spectrum Limited

An Adjusted Trial Balance is a list of the balances of ledger accounts which is created after the adjusting entries are made and posted to ledger accounts

Ishtiaq K
by Ishtiaq K , Senior Accountant , Best Homes Emirates Gen. Cont. LLC

No, he wasn't right as in traditional reporting system, IS and BS were prepared from TB or Adjusted TB.

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