Answered: What is the purpose of a trial balance?…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 9Q

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What is the purpose of a trial balance?

A) To calculate profit or loss
B) To ensure the ledger accounts are balanced
C) To record transactions
D) To prepare the balance sheet

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What is the primary purpose of a trial balance? A) To determine net income or lossB) To check if the accounting equation is balancedC) To ensure that total debits equal total creditsD) To provide the final financial statements
What is the primary purpose of preparing a trial balance? a) To calculate net profit or lossb) To check the mathematical accuracy of the ledger accountsc) To prepare the income statementd) To report cash flows
What relationship exists between the position of an accountin the balance sheet equation and the rules for recordingincreases in that account?
What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized Journals. d. Balance Sheet.
am. 63.
ME9The verification that the sum of the debits and the sum of the credits in the ledger are equal is called:a) A journalb) A ledgerc) Postingd) A trial balances
What does an accounts normal balance indicate?
Why is the adjusted trial balance trusted as a reliable source for building the financial statements?
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
Explain how the accounting equation organizes financial information using T-accounts and debits and credits.
What is the difference between an account and a ledger?
Below are the steps in the measurement process of external transactions. Arrange them from first (1) to last (6).__________ a. Post the transaction to the T-accounts in the general ledger.__________ b. Assess whether the impact of the transaction results in a debit or credit to account balances.__________ c. Use source documents to identify accounts affected by an external transaction.__________ d. Analyze the impact of the transaction on the accounting equation.__________ e. Prepare a trial balance.__________ f. Record the transaction using debits and credits.

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What is the purpose of a trial balance? A) To calculate profit or lossB) To ensure the ledger accounts are balancedC) To record transactionsD) To prepare the balance sheet

What is the purpose of a trial balance?