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Classifying Items of Financial Statements

State whether...

Question

State whether the following statement is True or False.
Trial balance is prepared at the end of the accounting year.

A

True

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B

False

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Solution

The correct option is A True
The preparation of trial Balance depends on requirement of the Management. Therefore, A Trial balance can be prepared monthly, quarterly, weekly or yearly also.

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Final Accounts are prepared on the basis of Trial Balance.

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A trial balance is prepared only once in a year.

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