A trial balance has which of the following features?
A)Totals for balance sheet accounts only
B)Totals for income statement accounts only
C)Totals for all accounts listed in the ledger
D)Totals for all asset and liability accounts only

Question

Quizplus · Accepted Answer

A trial balance is a listing of all accounts in the ledger with their respective debit or credit balances. It includes totals for all accounts in the ledger, not just balance sheet or income statement accounts. The purpose of a trial balance is to ensure that the total debits and credits in the ledger are equal and to identify any errors in recording transactions.

A Trial Balance Has Which of the Following Features