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When preparing a trial balance, which of the following is true?

Practice Questions

Q1
When preparing a trial balance, which of the following is true?
  1. Only asset accounts are included
  2. All accounts with balances are included
  3. Only revenue and expense accounts are included
  4. Only liability accounts are included

Questions & Step-by-Step Solutions

When preparing a trial balance, which of the following is true?
  • Step 1: Understand what a trial balance is. It is a list of all accounts in the accounting system with their balances.
  • Step 2: Identify the types of accounts that are included in the trial balance. These are assets, liabilities, equity, revenues, and expenses.
  • Step 3: Gather the balances of all accounts that have amounts in them.
  • Step 4: List all these accounts and their balances in the trial balance.
  • Step 5: Ensure that the total debits equal the total credits in the trial balance.
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