Which of the following statements is true of a trial balance?CONOA. A trial balance is the first step in the accounting cycle.B. A trial balance is a list of all accounts with their balances.c. Atrial balance is also known as a balance sheet.OD. A trial balance is also known as the chart of accounts.

Trial balance means the statement prepared from ledger account where all debit and credit balance…

Which of the following statements is true of a trial balance? O A. A trial balance is the first step in the accounting cycle. O B. A trial balance is a list of all accounts with their balances. C. Atrial balance is also known as a balance sheet. O D. A trial balance is also known as the chart of accounts.

Which of the following statements is true of a trial balance? O A. A trial balance is the first step in the accounting cycle. O B. A trial balance is a list of all accounts with their balances. C. Atrial balance is also known as a balance sheet. O D. A trial balance is also known as the chart of accounts.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 40MC: Which of the following accounting records is the main source of information used to prepare the...

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Which process of the accounting cycle often requires the most analytical thought? A. making a journal entry B. posting transactions to accounts C. summarizing the trial balance D. preparing the financial statements
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.
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
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What critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.
Classify each of the accounts listed below as assets (A), liabilities (L), owners equity (OE), revenue (R), or expenses (E). Indicate the normal debit or credit balance of each account. Indicate whether each account will appear in the Income Statement columns (IS) or the Balance Sheet columns (BS) of the work sheet. Item 0 is given as an example.
An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.
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What is the third step in the accounting cycle? Analyze source documents and record business transactions in a journal. Prepare a post-closing trial balance. Journalize and post the closing entries. Prepare a trial balance.
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