Which of the following statements is true? 93)
A)The trial balance is a list of all the accounts in the journal.
B)The trial balance is a list of the accounts in the general ledger.
C)Another name for the trial balance is the "chart of accounts".
D)A trial balance is only prepared at year end.
E)The trial balance is never used to prepare financial statements.

Question

Quizplus · Accepted Answer

The trial balance is a list of the accounts in the general ledger, which is why option B is the correct answer. Option A is incorrect because not all accounts in the journal necessarily make it into the general ledger. Option C is incorrect because the chart of accounts is a different document that lists all the accounts used by a business and provides a reference number for each account. Option D is incorrect because you can prepare a trial balance at any point in time, not just at year end. Option E is incorrect because the trial balance is often used to prepare financial statements.

Which of the Following Statements Is True? 93)