College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 2, Problem 5QY

When preparing a trial balance, which of the following is correct?

  1. a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances.
  2. b. Advertising Expense would normally be recorded as a credit.
  3. c. The trial balance is considered to be a financial statement.
  4. d. Supplies would normally be recorded as a credit.
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Which of the following is NOT the objective of preparing a trial balance? O a. To help in preparing Financial Statements O b. To find the profit and loss O C. Helps in locating errors O d. To check arithmetical accuracy
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

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College Accounting (Book Only): A Career Approach

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