객관식
Given the following T-account for Accounts Receivable:\[\begin{array}{c|c}\text{Debit} & \text{Credit} \hline\$5,000 & \\\$2,000 & \\ & \$1,500 \end{array}\]What is the ending balance of the Accounts Receivable T-account?
200
views
2. Transaction Analysis
Trial Balance
Multiple Choice
A list of all ledger accounts and their balances at a point in time is called a(n):
A
Income Statement
B
Balance Sheet
C
Trial Balance
D
General Journal
검증된 단계별 안내1
Understand the concept of a Trial Balance: A Trial Balance is a list of all ledger accounts and their balances at a specific point in time. It is used to ensure that the total debits equal the total credits in the accounting system.
Differentiate between the options provided: An Income Statement summarizes revenues and expenses over a period, a Balance Sheet shows assets, liabilities, and equity at a point in time, and a General Journal is a record of transactions in chronological order.
Recognize that the Trial Balance is specifically designed to check the accuracy of the ledger accounts by listing their balances and ensuring debits equal credits.
Note that the Trial Balance is prepared before financial statements to verify the correctness of the accounting records and identify any discrepancies.
Conclude that the correct answer is 'Trial Balance' because it matches the definition provided in the problem.
Related Videos
Related Practice
