INTERVIEW QUESTIONS ACCOUNTING PROCESS TRIAL BALANCE DETAILS

Question: Trial Balance is a: a) Statement b) Account c) Summary d) Ledger

Answer: (a) Statement
Description: Trial Balance preparation is the third phase of the accounting process. After posting the accounts in the ledger, a statement is prepared to show separately the debit and credit balances. Such a statement is known as the trial balance. An agreed trial balance indicate reasonable accuracy of the accounting work.

(a) Statement
Description: Trial Balance preparation is the third phase of the accounting process. After posting the accounts in the ledger, a statement is prepared to show separately the debit and credit balances. Such a statement is known as the trial balance. An agreed trial balance indicate reasonable accuracy of the accounting work. Source: CoolInterview.com

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