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What is the typical order of accounts in a trial balance?

Practice Questions

Q1
What is the typical order of accounts in a trial balance?
  1. Assets, Liabilities, Equity, Revenue, Expenses
  2. Revenue, Expenses, Assets, Liabilities, Equity
  3. Liabilities, Assets, Equity, Revenue, Expenses
  4. Equity, Assets, Liabilities, Revenue, Expenses

Questions & Step-by-Step Solutions

What is the typical order of accounts in a trial balance?
  • Step 1: Understand that a trial balance is a list of all accounts in the accounting system.
  • Step 2: Know that accounts are grouped into categories.
  • Step 3: The first category is Assets, which includes things the company owns.
  • Step 4: The second category is Liabilities, which includes what the company owes.
  • Step 5: The third category is Equity, which represents the owner's interest in the company.
  • Step 6: The fourth category is Revenue, which includes money earned from sales.
  • Step 7: The last category is Expenses, which includes costs incurred by the company.
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