State whether the following statement is True or False.
In preparation of gross trial balance, ledger account balances are extracted.

True

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False

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Solution

The correct option is B False
Gross Trial Balance is also known as Total Method of Trial Balance.
Under this method, total of each side in the ledger (debit and credit) is ascertained separately and shown in the trial balance in the respective columns.

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Q. State whether the following statement is True or False.
A Trial balance is a list of ledger balances.

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.

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State whether the following statement is True or False.In preparation of gross trial balance, ledger account balances are extracted.

The correct option is B FalseGross Trial Balance is also known as Total Method of Trial Balance.Under this method, total of each side in the ledger (debit and credit) is ascertained separately and shown in the trial balance in the respective columns.

State whether the following statement is True or False.
In preparation of gross trial balance, ledger account balances are extracted.

The correct option is B False
Gross Trial Balance is also known as Total Method of Trial Balance.
Under this method, total of each side in the ledger (debit and credit) is ascertained separately and shown in the trial balance in the respective columns.