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 retained earnings
D)is the difference between revenue and expenses

Question

Quizplus · Accepted Answer

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet should be zero if the worksheet has been prepared accurately. If there is a difference, it indicates that there is an error in the worksheet that needs to be found and corrected before financial statements can be prepared. It does not represent net income or loss, retained earnings, or the difference between revenue and expenses.

The Difference Between the Totals of the Debit and Credit