When preparing a trial balance, which of the following should be included?
Practice Questions
1 question
Q1
When preparing a trial balance, which of the following should be included?
Only asset accounts
All accounts with balances
Only revenue accounts
Only expense accounts
All accounts with balances should be included in the trial balance, regardless of whether they are assets, liabilities, equity, revenue, or expenses.
Questions & Step-by-step Solutions
1 item
Q
Q: When preparing a trial balance, which of the following should be included?
Solution: All accounts with balances should be included in the trial balance, regardless of whether they are assets, liabilities, equity, revenue, or expenses.
Steps: 5
Step 1: Understand what a trial balance is. It is a list of all accounts in the accounting system that have balances.
Step 2: Identify the types of accounts. These include assets (things you own), liabilities (things you owe), equity (owner's interest), revenue (money earned), and expenses (money spent).
Step 3: Gather all accounts that have balances. This means looking at your accounting records to find accounts that are not zero.
Step 4: List all the accounts you found in Step 3. Make sure to include every account, regardless of its type.
Step 5: Double-check your list to ensure you have included all accounts with balances.
