Question

In which of the following statement, final balances of all the accounts are prepared in the form of a list. A) ledger B) accounting equation c) trail balance d) journal

Answer 1

Answer:

Trial Balance

Explanation:

A trial balance is a list that shows all the of all the debit and credit transactions in an account for an entity for a given period – usually a month.

Usually a trial balance is prepared having a format of two-column schedule with all the debit balances listed in one column and all the credit balances listed in the other.

The trial balance is made once all the transactions for the period have been journalized and posted to the General Ledger and in the correct column.

Answer 2

In the trial balance, final balances of all the accounts are prepared in the form of a list

Explanation:

There are two columns in the trial balance, namely debit columns and the credit columns. The total final balance of the debit and credit columns is always matched and equaled

And the same is shown in the financial statements i.e income statement, statement of stockholder equity, balance sheet and the cash flow statement

The debit columns reports assets and expenses side while income, stockholder equity, and liability side are reported in the credit column.

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Debitors will be mentioned in credit or debit in trail balance

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