Which of the following statements about a trial balance is correct? Select one: All of these answer choices are correct. A trial balance proves the equality of the debits and credits in the ledger. A trial balance is typically prepared before adjusting entries are recorded. An adjusted trial balance provides a list of open accounts and their balances that are used in preparing financial statements.

Which of the following statements about a trial balance is correct? Select one: All of these answer choices are correct. A trial balance proves the equality of the debits and credits in the ledger. A trial balance is typically prepared before adjusting entries are recorded. An adjusted trial balance provides a list of open accounts and their balances that are used in preparing financial statements.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 5QY: When preparing a trial balance, which of the following is correct? a. The purpose of the trial...

See similar textbooks

Similar questions

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 keying? Im O Sorting account balances from the adjusted trial balance to their proper financial state O Adding initials to each work sheet column total to indicate that a verification took place O Adding an identifying letter to link the debit and the credit of an adjustment in the Adju O Totaling the two columns of the Adjusted Trial Balance to verify that debits equal credit
Which of the following procedures is correct when determining the amount to enter within the adjusted trial balance section of the worksheet? Multiple Choice If the trial balance section has a debit balance and the entry in the adjustments section is a debit, then subtract the amount in the adjustments section from the amount in the trial balance section. If the trial balance section has a debit balance and the entry in the adjustments section is a credit, then subtract the amount in the adjustments section from the amount in the trial balance section. If the trial balance section has a credit balance and the entry in the adjustments section is a credit, then subtract the amount in the adjustments section from the amount in the trial balance section. If the trial balance section has a credit balance and the entry in the adjustments section is a debit, then add the two amounts together.
Posting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
The trial balance is used to prove the equality of total debits and total credits of all accounts in the ledger; it is also used to prepare the financial statements. Select one: O True O False
Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
Question. Which of the following transactions has to be recorded in the journal? Specify whether the entry will be a debit or a credit and the account to which it will be applied. If "NA" is not applicable, choose it.
what accounts are needed to be adjusted in this unadjusted trial balance, and try to adjust it
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.
Arrange the following steps in the posting process in correct order: a. The amount of the balance of the ledger account is recorded in the Debit Balance or Credit Balance column. b. The amount of the transaction is recorded in the Debit or Credit column of the ledger account. c. The ledger account number is recorded in the Post. Ref. column of the journal. d. The date of the transaction is recorded in the Date column of the ledger account. e. The page number of the journal is recorded in the Post. Ref. column of the ledger account.