BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Detailed explanation-1: -1. A trial balance is a list of accounts and their balances at a given time. 2. The primary purpose of the trial balance is to prove the mathematical equality of debits and credits after posting.
Detailed explanation-2: -Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements.
Detailed explanation-3: -Journal is a book of accounts in which all day to day business transactions are recorded in a chronological order. No worries!
Detailed explanation-4: -A ledger the book of final entry or secondary entry whereas, a Journal is known as the book of original entry. Hence the statement is False.