Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Trial Balance and Rectification of Errors

Question:

A trail balance is a.................

Options:

Statement

Summary

Account

Ledger

Correct Answer:

Statement

Explanation:

The correct answer is option 1- Statement.

A trial balance is a statement showing the balances, or total of debits and credits, of all the accounts in the ledger with a view to verify the arithmetical accuracy of posting into the ledger accounts. Trial balance is an important statement in the accounting process as it shows the final position of all accounts and helps in preparing the final statements.