A list of balances of all the accounts in ledger is called _________.
A
Balance sheet
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B
Profit and Loss A/c
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C
Trading A/c
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D
Trail Balance
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Solution
The correct option is D Trail Balance Trial balance is a statement of all debits and credits in a double-entry account book. It shows the balances of all accounts on a particular date. It helps in verifying the arithmetic accuracy of the double entry system used for the accounts. Trading and profit and loss account is used to determine the profitability of the business whereas financial position is determined by the balance sheet.