The purpose of a trial balance is to: a) Record all financial transactions b) Summarize revenues and expenses c) Verify that total debits equal total credits d) Prepare financial statements

What is the primary purpose of the trial balance in accounting? a. Record financial transactionsb. Verify the accuracy of accounting entriesc. Prepare financial statementsd. Budgeting and forecasting

On the work sheet, assets are recorded in which of the following columns? a. Trial Balance, Credit b. Income Statement, Debit c. Balance Sheet, Debit d. Adjusted Trial Balance, Credit

Use the following Adjusted Trial Balance to prepare a classified Balance Sheet:

When preparing a trial balance, which of the following is correct? a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances. b. Advertising Expense would normally be recorded as a credit. c. The trial balance is considered to be a financial statement. d. Supplies would normally be recorded as a credit.

Which of the following best describes the classification and normal balance of the accounts receivable account? Select one: a. Asset, Debit b. Liability, credit c. Revenue, credit d. Owner's equity, debit

Best choice

It is calculated to verify the sum of the debit is equal to the sum of credit a. Journal b. Trial balance c. Financial statements d. Ledger

What is the primary purpose of the trial balance in accounting? a. Record financial transactions b. Verify the accuracy of accounting entries c. Prepare financial statements d. Budgeting and forecasting

Order the following steps in the accounting process that focus on analyzing and recording transactions.