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Which of the following is a component of the trial balance?

Practice Questions

Q1
Which of the following is a component of the trial balance?
  1. Net Income
  2. Retained Earnings
  3. Total Assets
  4. Total Liabilities

Questions & Step-by-Step Solutions

Which of the following is a component of the trial balance?
  • Step 1: Understand what a trial balance is. A trial balance is a list of all the account balances in a company's accounting records.
  • Step 2: Know that the trial balance includes different types of accounts, such as assets, liabilities, and equity.
  • Step 3: Identify what 'Total Liabilities' means. Total Liabilities refers to the total amount of money that a company owes to others.
  • Step 4: Recognize that Total Liabilities is one of the types of accounts that is included in the trial balance.
  • Step 5: Conclude that since Total Liabilities is listed in the trial balance, it is indeed a component of the trial balance.
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