Which of the following statements about the trial balance columns of a worksheet is correct?

• A. Only revenue and expense accounts are listed in the trial balance columns.
• B. Only accounts with a balance are listed in the trial balance columns.
• C. Only asset and liability accounts are listed in the trial balance columns.
• D. All accounts, regardless of whether they have a balance, are listed in the trial balance columns.

Answer: (D)

Verified step by step guidance

1. Understand the purpose of a trial balance: A trial balance is a list of all accounts in the ledger, including assets, liabilities, equity, revenue, and expenses, along with their balances. It is used to ensure that total debits equal total credits.
2. Clarify the scope of accounts included: The trial balance includes all accounts, regardless of whether they have a balance or not. This ensures that the worksheet provides a complete view of the ledger accounts.
3. Review the incorrect options: Analyze why the other statements are incorrect. For example, revenue and expense accounts are not the only accounts listed, and asset and liability accounts are not the only ones included. Additionally, accounts without balances are still listed to maintain completeness.
4. Confirm the correct statement: The correct statement is that all accounts, regardless of whether they have a balance, are listed in the trial balance columns. This aligns with the purpose of the trial balance in financial accounting.
5. Apply this understanding: Use this knowledge to verify trial balances in worksheets and ensure that all accounts are included, even if their balances are zero, to maintain accuracy and completeness in financial reporting.