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Trial Balance Quiz

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Questions and Answers

Which of the following best describes a trial balance?

A financial statement that shows the profit or loss of a company

A report that summarizes the cash inflows and outflows of a business

A document that lists all the accounts and their balances at a specific point in time (correct)

A record of all the transactions made by a company during a specific period

What is the purpose of a trial balance?

To calculate the net income of a company

To determine the cash flow of a business

To prepare financial statements

To check the accuracy of the accounting records (correct)

When is a trial balance prepared?

Throughout the accounting period

At the end of an accounting period (correct)

Only when requested by auditors

At the beginning of an accounting period

Study Notes

Trial Balance Overview

A trial balance is a list of all general ledger accounts and their corresponding debit or credit balances.

Purpose of a Trial Balance

The purpose of a trial balance is to ensure the debit and credit columns are equal, confirming that the accounting equation (Assets = Liabilities + Equity) is in balance.

Preparation of a Trial Balance

A trial balance is typically prepared at the end of an accounting period, such as at the end of a month, quarter, or year, to prepare financial statements.

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Description

Test your knowledge on trial balances with this quiz! Learn about what a trial balance is, its purpose, and when it is prepared. Perfect for accounting and finance enthusiasts.