A schedule set up to combine similar general ledger accounts,the total of which appears on the working trial balance as a single amount,is referred to as a:
A)Supporting schedule.
B)Lead schedule.
C)Corroborating schedule.
D)Reconciling schedule.

Question

Quizplus · Accepted Answer

A lead schedule is a schedule that combines similar general ledger accounts and provides a total amount that appears on the working trial balance as a single amount. It is used to lead the preparation of financial statements. A supporting schedule provides additional detail and supports the amounts on the lead schedule. A corroborating schedule verifies the accuracy of amounts on the lead schedule. A reconciling schedule is used to reconcile differences between two sets of records, such as the book and bank balances.

A Schedule Set Up to Combine Similar General Ledger Accounts,the