A ________ summarizes all the data from the account ledgers to verify that they are correct and balanced.
A) ledger statement
B) balance sheet
C) trial balance
D) statement of cash flows

Question

Quizplus · Accepted Answer

A trial balance summarizes all the data from the account ledgers to ensure that the amounts debited are equal to the amounts credited, thus verifying that they are correct and balanced. A ledger statement is a document that summarizes activity within a specific account, a balance sheet shows the financial position of a company at a specific point in time, and a statement of cash flows shows the cash inflows and outflows during a specified period.

A ________ Summarizes All the Data from the Account Ledgers