The trial balance is usually a two-column schedule listing the names and balances of all the accounts which appear in the ledger.
举一反三
- The debit balances are listed in the right-hand column and the credit balances in the left-hand column In the ledger.
- Which one of the following is not the purpose of a receivables ledger control account? A: A receivables ledger control account provides a check on the arithmetical accuracy of the personal ledger. B: A receivables ledger control account helps to locate errors in the trial balance. C: A receivables ledger control account ensures that there are no errors in the personal ledger. D: Control accounts help deter fraud
- A column in journals and ledger accounts used to cross reference journal and ledger entries is the__________. A: account balance column B: debit column C: posting reference column D: credit column E: description column
- The essential point of the double-entry system of accounting is that every transaction A: affects accounts on both sides of the balance sheet. B: is recorded in both the journal and the ledger. C: increase one ledger account and decrease another. D: affects two or more ledger accounts and is recorded by an equal amount of debits and credits.
- Which of the following is not a step in the accounting cycle? A: Journalizing the transactions B: Preparing a sale order C: Posting of journal entries to ledger accounts D: Preparing a trial balance