The difference between the totals of the Debit and Credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet
A) is the amount of net income or loss
B) indicates there is an error on the work sheet
C) is the amount of owner's equity
D) is the difference between revenue and expenses

Question

Quizplus · Accepted Answer

The Adjusted Trial Balance columns on the end-of-period spreadsheet should have equal totals for the Debit and Credit columns. If there is a difference between the totals, it indicates that there is an error on the worksheet that needs to be identified and corrected before the financial statements can be prepared. The difference between the totals is not indicative of net income or loss, owner's equity or revenue and expenses.

The Difference Between the Totals of the Debit and Credit