Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.

Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.

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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When preparing a trial balance, which of the following is correct? a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances. b. Advertising Expense would normally be recorded as a credit. c. The trial balance is considered to be a financial statement. d. Supplies would normally be recorded as a credit.
What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changes
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