A trial balance
A) is a list of all the accounts in the ledger.
B) is a list of all the accounts and their balances at a specific date.
C) cannot be used in the preparation of financial statements.
D) cannot be used as a basis for preparation of adjusting entries.

Question

Quizplus · Accepted Answer

A trial balance is a list of all accounts and their balances at a specific date, typically the end of an accounting period. It is used to ensure that the total debits and credits in the ledger are equal, and to identify any errors in the accounting records. The trial balance provides the basis for preparing financial statements and adjusting entries.

A Trial Balance