Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

2. Transaction Analysis

Trial Balance

Financial Accounting

2. Transaction Analysis

Trial Balance

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Multiple Choice

Which general ledger accounts are listed in the trial balance columns of a worksheet?

Only accounts with debit balances

Only revenue and expense accounts

All accounts with balances, including both debit and credit balances

Only asset and liability accounts

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Verified step by step guidance

Understand the purpose of a trial balance: A trial balance is a summary of all general ledger accounts and their balances at a specific point in time. It is used to ensure that total debits equal total credits, which is a fundamental principle of double-entry accounting.

Recognize the types of accounts in the general ledger: The general ledger includes all accounts used in the accounting system, such as assets, liabilities, equity, revenues, and expenses.

Identify the accounts included in the trial balance: The trial balance lists all accounts with balances, regardless of whether they have debit or credit balances. This includes accounts from all categories (assets, liabilities, equity, revenues, and expenses).

Clarify why all accounts are included: Including all accounts ensures that the trial balance reflects the complete financial position of the business and helps verify the accuracy of the accounting records.

Note the distinction from other financial statements: Unlike the income statement or balance sheet, which focus on specific types of accounts, the trial balance is comprehensive and includes all accounts with balances.