Which of the following statements is ?
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 the trial balance is the 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 correctly describes the trial balance is D, as it defines the trial balance as a list of all accounts from the ledger with their balances at a specific point in time. A is incorrect because a balanced trial balance does not guarantee that all transactions have been recorded or posted correctly. B is incorrect because the trial balance is not a book of original entry, but a tool used to verify the accuracy of postings from the ledger. C is incorrect because the chart of accounts is a separate listing of accounts used to organize the accounting system. E is incorrect because the trial balance is not the same as the balance sheet, which is a financial statement that reports the company's assets, liabilities, and equity at a specific point in time.

Which of the Following Statements Is