A trial balance represents the:
A)Source documents used to determine the effects of transactions on the company's accounts.
B)List of all accounts and their balances at a particular date to ensure that debits equal credits.
C)Chronological record of all transactions affecting the company.

Question

Quizplus · Accepted Answer

A trial balance is a list of all accounts and their balances at a particular date, to ensure that debits equal credits. It is used as a tool for detecting errors in the bookkeeping process. It does not represent source documents or a chronological record of transactions.

A Trial Balance Represents The