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Which of the following is NOT a component of a trial balance?
Which of the following is NOT a component of a trial balance?
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Practice Questions
1 question
Q1
Which of the following is NOT a component of a trial balance?
Assets
Liabilities
Equity
Revenue
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A trial balance includes assets, liabilities, and equity, but does not include revenue as a separate component.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a component of a trial balance?
Solution:
A trial balance includes assets, liabilities, and equity, but does not include revenue as a separate component.
Steps: 4
Show Steps
Step 1: Understand what a trial balance is. A trial balance is a list of all the accounts in a company's accounting system and their balances.
Step 2: Identify the main components of a trial balance. These include assets, liabilities, and equity.
Step 3: Recognize that revenue is not listed as a separate component in a trial balance.
Step 4: Conclude that the answer to the question is revenue, as it is NOT a component of a trial balance.
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