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WAEC Financial Accounting 1992 Question 32

Question 32

Trial Balance

A Trial Balance is prepared to

  1. A.detect fraud
  2. B.ascertain losses
  3. C.ascertain profits
  4. D.test arithmetical accuracy of entries made in the ledger
  5. E.determine accumulated fund.
Show the answer and explanation

Answer: D (test arithmetical accuracy of entries made in the ledger)

Explanation

A trial balance checks that ledger debits equal credits.