What is the trial balance used for?Group of answer choicesIt is a financial statementIt records balances of accountsIt doesn’t contribute to the accounting cycleIt records balances of a balance sheet

Which one of the following is not a reason for running a post-closing trial balance? Group of answer choicesIt is a check on balances of the temporary accounts to make sure they are zero.It is a check for any outstanding adjusting entries.It is a check on the balances of items the statement of financial position and the general ledger accounts.It is a check on the closing entries that have been posted.

When a trial balance balances, it is an indication that: Group of answer choices all journal entries have been posted. the account balances are correct. total debits equal total credits. all transactions have been journalised.

What is the purpose of a trial balance in the accounting process?(5 Points)To identify errors in financial statementsTo prepare financial statementsTo record adjusting entriesTo reconcile bank statements

Which method of trial balance helps in the preparation of final accounts?Group of answer choicesTotal methodBoth balance method and total methodNone of the given optionsBalance method

Trial Balance is a list of accounts and their balances at a point of time. True False