Which of the following statements is true?
A) The trial balance is never used to prepare financial statements.
B) The trial balance is a list of all the accounts in the journal
C) Another name for the trial balance is the "chart of accounts"
D) The trial balance is a list of the accounts in the general ledger
E) A trial balance is only prepared at year end

Question

Quizplus · Accepted Answer

The trial balance is a list of the accounts in the general ledger, which is used to ensure that the total debits equal the total credits. Option A, B, and C are incorrect as they provide an inaccurate definition of the trial balance. Option E is incorrect as a trial balance can be prepared at any time to ensure the accuracy of accounts.

Which of the Following Statements Is True