A summary of the ledger that lists the accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n):
A)Account balance.
B)Chart of accounts.
C)Trial balance.
D)Ledger.
E)General Journal.

Question

Quizplus · Accepted Answer

A trial balance is used to ensure that the total debits equal the total credits in the ledger. It lists all accounts and their balances, and is an important step in the accounting cycle to ensure accuracy in financial statements. The other options are not accurate descriptions of a trial balance - account balance refers to the balance of a specific account, chart of accounts is a list of accounts used by a company, ledger is a more general term for the entire collection of accounts, and general journal is a record of all transactions in chronological order.

A Summary of the Ledger That Lists the Accounts and Their