Which statement about a trial balance is NOT true?
A)The trial balance can be prepared at any time, but is generally prepared at the end of the accounting period.
B)The trial balance is a list of all accounts with their balances.
C)The trial balance lists the income statement accounts and their balances first and then the balance sheet accounts and their balances.
D)The trial balance lists asset accounts and their balances first, then liability accounts and their balances, and then stockholders' equity accounts and their balances.

Question

Quizplus · Accepted Answer

The statement that is not true is C, which states that the trial balance lists income statement accounts first and then balance sheet accounts. In reality, the trial balance lists accounts in the order of their appearance in the chart of accounts, which varies based on each company's individual account structure.

Which Statement About a Trial Balance Is NOT True