Identify the statement below that is true.
A. The trial balance is a list of all accounts from the ledger with their balances at a point in time.
B. The trial balance presents net income for a period of time.
C. The trial balance is another name for the balance sheet as long as debits balance with credits.
D. Another name for the trial balance is the chart of accounts.
E. A trial balance can replace the need for financial statements.

Question

04-02-2020
Business

contestada

Identify the statement below that is true.
A. The trial balance is a list of all accounts from the ledger with their balances at a point in time.
B. The trial balance presents net income for a period of time.
C. The trial balance is another name for the balance sheet as long as debits balance with credits.
D. Another name for the trial balance is the chart of accounts.
E. A trial balance can replace the need for financial statements.

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osondumartins osondumartins · Answer 1 · 2020-02-04T07:15:38+01:00

Answer:A. The trial balance is a list of all accounts from the ledger with their balances at a point in time.

Explanation: Trial balance contains a list of all accounts from the ledger and their balances at a given point in time,in a trial balance all the Debits are summer up one column and all the credits are summed up in another column to ensure that they balance out.

Trial balance tries to show errors encountered when journaling, posting transactions of a business entity when manually entered. Recently their are softwares available to prevent this type of clerical errors.