Which of the following statements is true?
A)A trial balance is in the same format as balance sheet.
B)A trial balance presents data in debit and credit format, but a balance sheet does not.
C)A trial balance shows total amounts for assets, liabilities, and equity.
D)A trial balance is created after the balance sheet is prepared.

Question

Quizplus · Accepted Answer

A trial balance presents data in debit and credit format, listing all ledger accounts irrespective of their nature as either asset, liability, equity, revenue, or expense. In contrast, a balance sheet is structured into assets, liabilities, and equity sections without explicitly using debit and credit columns for presentation.

Which of the Following Statements Is True