Question

Fill in the blanks with correct alternative and rewrite the statements :

A Trial Balance is a _______.
a) ledger
b) journal
c) subsidiary
d) statement

Answer 1

A Trial Balance is a statement.

Explanation:
A Trial Balance is a statement of balances of all the ledger accounts. It is neither a Ledger nor a Journal. It is a statement because it shows the summary of debit and credit balances of ledger accounts. Names of all the ledger accounts are shown in the Trial Balance with their corresponding balances, i.e. debit or credit.