Question

Trial Balance is a statement of assets & liabilities. (State True or False)

Answer 1

Trial Balance is a statement of assets & liabilities. (State True or False)

Answer: It is True Statement.

Answer 2

Trial Balance is a statement of assets and liabilities is a true statement.

Explanation:

1. Trial balance is basically a list of all ledgers of accounts that contains the information of all assets and liabilities. Therefore we can say that Trial Balance is a statement of assets and liabilities since it is present in the ledger account which is indirectly present in the trial balance.
2. Trial balance is also used to make other reports such as profit and loss reports of any organization or a company, balance sheet, etc.