1) A trial balance proves the equality of the debits and credits at the end of the accounting period.
2) A trial balance is a list of income statement accounts and their balances.
3) Using a computerized accounting system eliminates the need to prepare a trial balance.
4) It is not possible for a posting error to have occurred when the debits equal the credits on the trial balance.
5) A trial balance contains:
A) a list of all accounts without account balances.
B) only balance sheet accounts with account balances.
C) all accounts contained in the general ledger with account balances.
D) only income statement accounts with account balances.
6) A trial balance is:
A) a list of all accounts with their balances.
B) the first step in the accounting cycle.
C) another name for the chart of accounts.
D) another name for the balance sheet.
7) Which of the following statements is false?
A) A trial balance proves no errors were made during the accounting process.
B) A trial balance is a list of all accounts in the ledger with their balances.
C) A trial balance provides a check on the equality of debits and credits.
D) A trial balance may be taken at any time the postings are up to date.
8) A trial balance has all of the following except:
A) a heading.
B) totals for both debits and credits.
C) balances for each account contained in the ledger.
D) subtotals for revenues and expenses.
9) Which of the following statements is true?
A) A trial balance is in the same format as balance sheet.
B) A trial balance presents data in debit and credit format, but a balance sheet does not.
C) A trial balance shows total amounts for assets, liabilities, and equity.
D) A trial balance is created after the balance sheet is prepared.
10) A trial balance lists accounts in which order?
A) assets, liabilities, revenues, expenses, capital
B) assets, expenses, liabilities, revenues, capital
C) assets, revenues, liabilities, expenses, capital
D) assets, liabilities, capital, revenues, expenses