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

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Solution

Trial balance is a worksheet in bookkeeping that contains ledger balance compiled in sections of debit and credit. This worksheet is used for creating the balance sheet. Preparation of trial balance is to ensure mathematical correctness of the transactions recorded. Hence the given statement is true.

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Similar questions

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.

Give one word, term or phrase for the following statement:

1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.

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

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

Q. State whether the following statement is True or False.
Balances of ledger accounts are posted to trial balance.

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