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

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
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
Best choice
It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial balance c. Financial statements d. Ledger
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
Order the following steps in the accounting process that focus on analyzing and recording transactions.

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