A trial balance summarizes the ledger by listing all the accounts with their balances at a point in time.

Question

Quizplus · Accepted Answer

A trial balance is a statement of all the ledger balances of a business at a particular date. It lists all the accounts with their respective balances, including assets, liabilities, and equity accounts, to ensure that the total debits are equal to the total credits, indicating that the accounting records are accurate and complete.

A Trial Balance Summarizes the Ledger by Listing All the Accounts