BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A list of all the ledger accounts and their balances extracted from the General Ledger
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Prepared on a given date, usually at the end of the financial period
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Prepared after identification and recording of source documents, but before preparation of Income Statement and Balance Sheet
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All of the above
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Detailed explanation-1: -Trial Balance is a statement which accounts all the balances of the Personal account, Real account and Nominal account regardless of either Revenue or Capital A/c. It comprises of 2 columns viz., debit and credit.
Detailed explanation-2: -Trial balance sheets contain all of a business’s accounts that experience debits or credits during a given reporting period, the amount credited or debited to each account, the account numbers, the dates of the reporting period, and the total sums of debits and credits entered during that time.
Detailed explanation-3: -A trial balance is a financial report showing the closing balances of all accounts in the general ledger at a point in time. Creating a trial balance is the first step in closing the books at the end of an accounting period.
Detailed explanation-4: -A trial balance report is an essential part of double-entry bookkeeping, helping accountants ensure their records are accurate before they prepare official documents.
Detailed explanation-5: -A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance.