Which of the following statements about the trail balance is not true? A)Debit balances must equal credit balances. B)It includes only assets,liability and equity accounts. C)It is useful for detecting errors. D)It is an important step in the accounting cycle.

Question

Quizplus · Accepted Answer

The statement "It includes only assets, liability and equity accounts" is not true. The trial balance includes all accounts, including temporary accounts like revenue and expense accounts, in addition to permanent accounts like assets, liabilities, and equity accounts.

Which of the Following Statements About the Trail Balance Is