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:…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 9Q

See similar textbooks

Similar questions

What is the primary purpose of the trial balance in accounting? a. Record financial transactionsb. Verify the accuracy of accounting entriesc. Prepare financial statementsd. Budgeting and forecasting
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
What is the primary purpose of the trial balance in accounting? a. Record financial transactions b. Verify the accuracy of accounting entries c. Prepare financial statements d. Budgeting and forecasting
am. 63.
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?
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
The principle of revenue recognition results in: a. recording revenue in the income statement b. recording realized revenue when it is earned c. measuring relevant and reliable information whenever a transaction has occured. d. assuring the existence of all amounts recorded as net income
Which of the following items is considered an original source document? Select one: a. accounts receivable b. company expense account c. purchase order d. general ledger
The accounting concept that supports reporting revenues in the period in which they are earned is called the: revenue recognition concept. B) accounting period concept. timing concept. D) adjusting concept.

SEE MORE QUESTIONS

Recommended textbooks for you

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Quickbooks Online Accounting

Accounting

ISBN:

9780357391693

Author:

Owen

Publisher:

Cengage

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Auditing: A Risk Based-Approach (MindTap Course L…

Accounting

ISBN:

9781337619455

Author:

Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:

9781337680059

Author:

Gilbertson

Publisher:

Cengage

SEE MORE TEXTBOOKS

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