How many of the following statements regarding the trial balance are true?
A trial balance is included in the full set of external financial statements, just like an income statement.
If debits equal credits in the unadjusted trial balance, you have made no errors in preparing and posting journal entries.
The balances for each account reported on an unadjusted trial balance are determined by adding the amounts on the "+" side and subtracting the amounts on the "-" side of each ledger or T-account.
A) None
B) One
C) Two
D) Three

Question

Quizplus · Accepted Answer

The third statement is true. The trial balance itself is not part of the external financial statements, and equal debits and credits do not guarantee error-free entries.

How Many of the Following Statements Regarding the Trial Balance