Trial balance
6 practice questionsFinancial AccountingStep-by-step solutions
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1
The primary purpose of a trial balance is to:
A.Check that total debits equal total credits
B.Calculate net profit
C.List all customers
D.Record the year's first transaction
2
A trial balance that balances proves total debits equal total credits, but it does NOT detect:
A.Any arithmetic error
B.Errors such as omitting a transaction entirely
C.Unequal debits and credits
D.A missing column total
3
A trial balance is prepared to check that:
A.Profit is positive
B.Total debits equal total credits
C.Cash is sufficient
D.Assets exceed liabilities
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