How many of the following statements regarding the trial balances are true? Trial balances are prepared after journal entries are posted to the general ledger to be sure the total debit balances equal the total credit balances in the general ledger. The adjusted trial balance is used to prepare financial statements and closing entries. Only the post-closing trial balance shows the end-of-year balance for Retained Earnings. Group of answer choices A. None B. One C. Two D. Three

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is