A Trial balance is an Account.

True

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False

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Solution

The correct option is B False
Trial balance is a statement showing balances of all the general ledger accounts at a particular point of time.
It is not an account.
It is a summary of all the accounts to check whether all the debit and credit balance are equal or not. It forms the basis for the preparation of the financial statements of the entity.

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Similar questions

Q. Trial balance is an account.

State true or false:

1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.

Is trial balance an account or a statement ?

Q. Mistake in transferring the balance of an account to the trial balance or omitting to write ,the balance of an account in the trial balance is ________.

Q. Missing to transfer the balance of an account to the trial balance or omitting to write the balance of an account in the trial balance is __________.

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