Accountıng I Deneme Sınavı Sorusu #1313647

Which of the following could be said for "trial balance"?


Trial balance proves the equality of debits and credits

Trial balance could be used to prepare financial statements

The income statement is not prepared using expense accounts from the trial balance

Trial balance is not the basis for preparation of financial statements.

The trial balance is monthly prepared in every accounting period


Yanıt Açıklaması:

In addition to proving the equality of debits and credits, the trial balance is also used to prepare the financial statements. The trial balance is normally prepared at the end of every accounting period and is the basis for preparation of financial statements. The income statement is prepared using the revenue and expense accounts from the trial balance. The net income relates to the increase (or in the case of a net loss, the decrease) in owner’s equity.

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