The purpose of a trial balance is to:a) Record all financial transactionsb) Summarize revenues and expensesc) Verify that total debits equal total creditsd) Prepare financial statements

Explanation of Trial Balance: A trial balance is a report that lists all ledger accounts and their…

Answered: The purpose of a trial balance is to:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 14Q: Why is the adjusted trial balance trusted as a reliable source for building the financial...

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Similar questions

The normal balance of the Input VAT account that can be credited in the financial statements is presented at:a. Debit Balanceb. Debit Balance Sheet and Profit and Loss Debitc. Debit Profit and loss on the balance sheetd. Credit Balance
A. Enter the transactions in the general ledger (t-accounts) and balance off these accounts B. Extract a Trial Balance
It is prepared with an objective to test the arithmetic accuracy of the accounts a. Ledger b. Books of Prime entry c. Trial Balance d. Journal
On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit
Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:
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.
Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit
100) Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balances
am. 63.
Before processing a batch of invoices, the accounts payable clerk sums the quantities billed. The sum obtained is best described as a(n): A. financial total B. grand total C. record count D. hash total E. cross-footing total
Identify the items from the following list that are likely to serve as source documents. Item a. Sales receipt b. Liability accounts c. Balance sheet d. Ledger e. Bank statement f. General journal g. Income statement h. Telephone bill i. Credit card receipt Is this a source document?
Order the following steps in the accounting process that focus on analyzing and recording transactions. a. Prepare and analyze the trial balance. b. Analyze each transaction from source documents. c. Record relevant transactions in a journal. d. Post journal information to ledger accounts.

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The purpose of a trial balance is to: a) Record all financial transactions b) Summarize revenues and expenses c) Verify that total debits equal total credits d) Prepare financial statements