Which of the following statements explains what a trial balance is?Multiple choice question.A trial balance proves that debit balances equal debit balances within the general ledger.A trial balance is prepared before posting of any journal entries.A trial balance confirms that the sum of debit account balances equals the sum of credit account balances.A trial balance confirms that no mistakes were made in recording transactions.

Which of the following statements correctly explains how to prepare a trial balance? (Check all that apply.)Multiple select question.Verify that the total debit balances equals the total credit balances.Compute the total of debit balances and the total of credit balances.List each account title and its amount from the ledger.Total debit account balances do not have to equal total credit account balances in order for the financial statements to be prepared.

Which of the following statements about the trial balance is incorrect?a.It is a list of balances from the ledger accountsb.It provides a useful check on the accuracy of the ledger accountsc.It calculates the profit or loss achieved by the businessd.The total value of debits must equal the total value of credits

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.

Explain why a trial balance needs to be prepared. A trial balance is prepared to facilitate the of the statements and to ensure the arithmetic in recording.

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