The trial balance can serve as a replacement for the balance sheet, since total debits must equal total credits.

Name: The trial balance can serve as a replacement for the balance sheet, since total debits must equal total credits.
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Question

Quizplus · Accepted Answer

The trial balance only lists the total debits and credits for each account, it does not provide all the necessary information for a balance sheet, such as current assets, liabilities and shareholders' equity.

The Trial Balance Can Serve as a Replacement for the Balance