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WAEC Financial Accounting 1996 Question 12

Question 12

Trial Balance

A trial balance is

  1. A.an attempt to balance the accounts
  2. B.the credit balances of the accounts
  3. C.list of all balances extracted from the ledger
  4. D.the debit balances of the account
  5. E.Balance sheet balances.
Show the answer and explanation

Answer: C (list of all balances extracted from the ledger)

Explanation

A trial balance lists all the debit and credit balances taken from the ledger to check that they agree.