A trial balance Group of answer choices is one of the financial statements. is simply a list of all the accounts. is the same thing as a statement of financial position. is the same thing as a balance sheet.

A trial balance Group of answer choices is one of the financial statements. is simply a list of all the accounts. is the same thing as a statement of financial position. is the same thing as a balance sheet.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 5QY: When preparing a trial balance, which of the following is correct? a. The purpose of the trial...

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Question

A trial balance

Group of answer choices

is one of the financial statements.

is simply a list of all the accounts.

is the same thing as a statement of financial position.

is the same thing as a balance sheet.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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