Which of the following statements about the trail balance is NOT true?
A)Debit balances must equal credit balances.
B)It includes only assets, liability and equity accounts.
C)It is useful for detecting errors.
D)It is an important step in the accounting cycle.

Question

Quizplus · Accepted Answer

The statement that the trial balance includes only assets, liability and equity accounts is not true. The trial balance includes all accounts, including revenue and expense accounts.

Which of the Following Statements About the Trail Balance Is