A report that lists accounts and their balances,in which the total debit balances should equal the total credit balances,is called a(n):
A)Account balance
B)Trial balance
C)Ledger
D)Chart of accounts
E)General journal

Question

Quizplus · Accepted Answer

A trial balance is used to ensure that the total debits of all accounts in the ledger equal the total credits. This is an important step in ensuring the accuracy of financial statements. Option A refers to individual balances of accounts, while option C is a collection of all accounts. Option D is a listing of all account names and numbers, while option E is used to record transactions in chronological order.

A Report That Lists Accounts and Their Balances,in Which the Total