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Answer :
The statement that Yeung will prepare a Statement of Cash Flows to ensure ledger figures are correct is false; a trial balance is used for this purpose. So, the correct answer is option B) False.
Yeung is preparing monthly financial statements for her client, Wrecker Auto Repair, and needs to summarize the data to ensure that the figures are correct and balanced. The statement in question asserts that Yeung will prepare a Statement of Cash Flows to complete this step of the cycle, which is false. Instead, Yeung should be preparing a trial balance to determine if the figures in the ledgers are correct and balanced. The Statement of Cash Flows is a financial report summarizing cash inflows and outflows over a period of time and is typically prepared after the trial balance confirms accuracy of the accounts.
So, the correct answer is option B) False.
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