Which of the following statements regarding a trial balance is TRUE?
A) A trial balance may be taken at any time during the accounting period.
B) A trial balance is a list of all accounts with their balances.
C) A trial balance shows that total debits equals total credits.
D) All of the above are true.

Question

Quizplus · Accepted Answer

A) A trial balance can be taken at any time during the accounting period, although it is typically taken at the end of a period to ensure accuracy before preparing financial statements. 
B) A trial balance is indeed a list of all accounts with their balances, as it serves to summarize the balances of all accounts in the general ledger. 
C) The purpose of a trial balance is to ensure that the total debits equal the total credits, which indicates that the accounting equation (assets = liabilities + equity) is in balance. Therefore, this statement is also true. 
Therefore, all of the given statements are true, making option D the correct answer.

Which of the Following Statements Regarding a Trial Balance Is