Which of the following statements about the unadjusted trial balance is correct?
A)A trial balance is an external report used to determine whether total assets equal total liabilities.
B)You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted trial balance.
C)A trial balance shows the ending balances obtained from the ledger listed in either the asset or liability column.
D)A trial balance lists every account name in one column,usually in the order of assets,liabilities,stockholders' equity,revenues and expenses.

Question

Quizplus · Accepted Answer

Even if debits equal credits on the trial balance,it is still possible that the wrong account was used,an entry was omitted or recorded twice,and/or the wrong amount was entered as both a debit and a credit.A trial balance is an internal report prepared using ending balances and is used to determine whether total debits equal total credits.

Which of the Following Statements About the Unadjusted Trial Balance