A trial balance is aan)
A)optional financial statement used only by accountants.
B)device used to prove the equality of debits and credits in the general ledger.
C)list of accounts and their balances taken from the chart of accounts.
D)financial statement which can be used in place of a balance sheet.

Question

Quizplus · Accepted Answer

A trial balance is a device used to prove the equality of debits and credits in the general ledger. It lists all the accounts and their balances at a specific point in time. It helps in detecting errors and omissions in the accounting records. It is not an optional financial statement and cannot be used in place of a balance sheet.

A Trial Balance Is Aan)