A list of all ledger accounts and their balances at a point in time 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 a list of all ledger accounts and their balances at a point in time. It is used to ensure that the total debits equal the total credits in the accounting system, and to detect any errors or discrepancies that may have occurred. The other options (A, C, D, E) are not accurate descriptions of a trial balance.

A List of All Ledger Accounts and Their Balances at a Point