Multiple Choice
Which general ledger accounts are listed in the trial balance columns of a worksheet?
30
views
2. Transaction Analysis
Trial Balance
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following best describes the structure of a trial balance worksheet?
A
A worksheet listing all account titles with their debit and credit balances in two separate columns, ensuring total debits equal total credits.
B
A worksheet that lists only the asset accounts and their balances.
C
A worksheet showing only the revenue and expense accounts with their balances.
D
A worksheet that displays journal entries in chronological order.
Verified step by step guidance1
Understand the purpose of a trial balance worksheet: It is used to ensure that the total debits equal the total credits in the accounting system, verifying the accuracy of the ledger entries.
Recognize the structure of a trial balance worksheet: It lists all account titles (e.g., assets, liabilities, equity, revenue, and expenses) along with their respective debit and credit balances in two separate columns.
Clarify that the trial balance includes all accounts, not just specific categories like assets or revenue and expenses. This ensures a comprehensive check of the ledger.
Note that the trial balance is not a chronological record of journal entries. Instead, it is a summary of account balances at a specific point in time.
Conclude that the correct description of a trial balance worksheet is: 'A worksheet listing all account titles with their debit and credit balances in two separate columns, ensuring total debits equal total credits.'
Related Videos
Related Practice
