Which of the following statements about a trial balance is NOT true?
A) A trial balance is one of the financial statements provided to shareholders at the close of the financial period.
B) A trial balance may be prepared at any time to ensure that the debits equal the credits.
C) The sum of the debits is not necessarily the same as the total of the assets side of the balance sheet.
D) None of the above is correct.All statements are true

Question

Quizplus · Accepted Answer

A trial balance is not one of the financial statements provided to shareholders at the close of the financial period. It is an internal tool used by accountants to ensure that the total debits equal the total credits in the accounting system. The financial statements provided to shareholders are the income statement, balance sheet, and statement of cash flows.

Which of the Following Statements About a Trial Balance Is