What is true about the trial balance? A. It may contain whatever accounts the accountant wishes...
What is true about the trial balance?
A. It may contain whatever accounts the accountant wishes to include.
B. The total of the debits must equal the total of the credits.
C. Payroll accounts do not appear on it because of their changeable nature.
D. It contains a detailed listing of every transaction during a period.
Homework Answers
The correct answer is B. the total of the debits must equal the total of the credit.
In accounting their are two aspects debit and credit. When we post a journal entry debit amount is equal to credit amount. Journal are posted in ledger and ledger balance are then shown in trial balance. Since sum of all debit closing balance of ledger accounts are equal to the sum of all credit closing balance of ledger accounts. So total of debit and credit are same in trial balance.
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What is true about the trial balance?
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Please help me! I will rate highly.
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Please help me! I will rate highly.
The post-closing trial balance may contain revenue and expense accounts Select one O True False Which of the following is not part of the conceptual framework project? Select one or more a. Quantitative characteristics b. Objectives of financial reporting c Qualitative characteristics d. Basic elements of financial statements Net income for a period appears in all but which one of the following? Select one or more: a Balance sheet b. Income Statement debit...
27&28 please
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