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In the preparation of a trial balance, which of the following is true?

Practice Questions

Q1
In the preparation of a trial balance, which of the following is true?
  1. Only asset accounts are included
  2. All accounts with balances are included
  3. Only revenue and expense accounts are included
  4. Liabilities are excluded

Questions & Step-by-Step Solutions

In the preparation of a trial balance, which of the following is true?
  • Step 1: Understand what a trial balance is. It is a list of all accounts in the accounting system with their balances.
  • Step 2: Identify the types of accounts that are included in the trial balance. These include assets, liabilities, equity, revenues, and expenses.
  • Step 3: Gather all account balances from the accounting records.
  • Step 4: List each account and its balance in the trial balance.
  • Step 5: Ensure that the total debits equal the total credits in the trial balance.
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