Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.
Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Which of the following is NOT the
correct about Trial Balance?
Select one:
O A. All debit balances are listed in the
debit column, while the credit
balances are listed in the credit
column of the trial balance.
O B. A trial balance is a statement
prepared based on the balance from
the accounts in the ledger at the end
of an accounting period.
O C. Trial balance is a financial
statement which reports the
balances of all types of accounts
after the adjusting entries are being
recorded.
O D. Trial Balance is prepared at the
end of the accounting period in
order to check the accuracy of
calculation, to verify the accuracy of
double entries and its posting, and
to prepare financial statements.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education