Which of the following is a listing of all the account balances at a specific point in time?
A)the statement of financial position
B)the chart of accounts
C)the general journal
D)the trial balance

Question

Quizplus · Accepted Answer

A trial balance is a listing of all account balances at a specific point in time. The statement of financial position (also known as the balance sheet) provides a snapshot of a company's assets, liabilities, and equity at a specific point in time, but it does not list all account balances. The chart of accounts is a listing of all accounts used by a company, but it does not provide balances. The general journal is a chronological record of a company's transactions, but it does not provide account balances.

Which of the Following Is a Listing of All the Account