Podcast
Questions and Answers
What is a trial balance?
What is a trial balance?
- A system used to record all transactions of a business
- A list of all ledger accounts with closed or final balances on a certain period (correct)
- A financial statement that shows the profitability of a business
- A report that summarizes the cash flows of a business
What is the purpose of a trial balance?
What is the purpose of a trial balance?
- To record all transactions of a business
- To identify the profit or loss of a business
- To prepare the financial statements of a business (correct)
- To prepare the budget of a business
What is the key to preparing accurate financial reports?
What is the key to preparing accurate financial reports?
- Preparing the financial statements quickly
- Using a computerized accounting system
- Hiring a bookkeeper to do the job
- Recording all transactions that have monetary value (correct)
What is the role of the bookkeeper in a business?
What is the role of the bookkeeper in a business?
What is the benefit of preparing accurate financial reports?
What is the benefit of preparing accurate financial reports?
What are the components of key financial reports?
What are the components of key financial reports?
In what subject is the discussion of financial reports found?
In what subject is the discussion of financial reports found?
What is the purpose of identifying the profit or loss of a business?
What is the purpose of identifying the profit or loss of a business?
What is the consideration of a bookkeeper in computing for the Net Income or net earnings?
What is the consideration of a bookkeeper in computing for the Net Income or net earnings?
What is the characteristic of a trial balance?
What is the characteristic of a trial balance?