22. A trial balance is made up of a list of debit balances andcredit balances. Which of the following statements is correcer?a) Every debit balance repeesents an expenseb) Assets are represented by debit balancesc) Liabilities are represented by debit balancesd) Income is included in the list of debit balance

>Trial balance is prepared once the process of journal entry recording and ledger posting is…

22. A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is comrece? a) Every debit balance represents an expense b) Assets are represented by debit balances ) Liabilities are represented by debit balances d) Income is included in the list of debit balance

22. A trial balance is made up of a list of debit balances and credit balances. Which of the following statements is comrece? a) Every debit balance represents an expense b) Assets are represented by debit balances ) Liabilities are represented by debit balances d) Income is included in the list of debit balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

22. A trial balance is made up of a list of debit balances and
credit balances. Which of the following statements is correcer?
a) Every debit balance repeesents an expense
b) Assets are represented by debit balances
c) Liabilities are represented by debit balances
d) Income is included in the list of debit balance

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