What is the purpose of the “trial balance” in financial accounting?a) To prepare financial statementsb) To verify the accuracy of debit and credit entriesc) To calculate net incomed) To record adjusting entries

What is the purpose of the “trial balance” in financial accounting?a) To prepare financial statementsb) To verify the accuracy of debit and credit entriesc) To calculate net incomed) To record adjusting entries

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

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

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

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5GI: Explain how the accounting equation organizes financial information using T-accounts and debits and...

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Question

What is the purpose of the “trial balance” in financial accounting?
a) To prepare financial statements
b) To verify the accuracy of debit and credit entries
c) To calculate net income
d) To record adjusting entries

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