Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-The trial balance is a statement that ensures that the general ledger is in balance (debit transactions = credit transactions).

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-The trial balance is a statement that ensures that the general ledger is in balance (debit transactions = credit transactions).

Quizplus · Accepted Answer

The trial balance is indeed a statement used in accounting to ensure that debits and credits in the general ledger are in balance, by listing all the accounts and their balances at a particular time.

Cost of the Asset$100,000