Which of the following statements are true?
A)If the trial balance is in balance,it proves that no errors have been made in recording and posting transactions.
B)The trial balance is a book of original entry.
C)Another name for trial balance is chart of accounts.
D)The trial balance is a list of all accounts from the ledger with their balances at a point in time.
E)The trial balance is another name for the balance sheet as long as debits balance with credits.

Question

Quizplus · Accepted Answer

The statement that is true is D. The trial balance is a list of all accounts from the ledger with their balances at a point in time. A is false because although a balanced trial balance indicates that no arithmetic errors have been made, it does not guarantee that all transactions have been posted or recorded correctly. B is false because the trial balance is not a book of original entry, but rather a summary of accounts. C is false because the chart of accounts is a list of all accounts used by a business, while the trial balance is a summary of those accounts at a specific time. E is false because the trial balance is not another name for the balance sheet.

Which of the Following Statements Are True