The trial balance is the
A) calculation of the net income.
B) verification that the firm earned a profit.
C) process of transferring journal entries to the general ledger.
D) summary of the information for the month.
E) summary of the firm's general ledger accounts at the end of the accounting period.

Question

Quizplus · Accepted Answer

The trial balance is a summary of the firm's general ledger accounts at the end of the accounting period. It lists all the accounts and their balances to ensure that debits and credits are in balance. It is used to prepare financial statements and to identify any errors or omissions in the accounting records.

The Trial Balance Is the