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WAEC Financial Accounting 1999 Question 34

Question 34

Trial Balance

A Trial Balance is the

  1. A.narration of all transactions and accounts
  2. B.debit balances of the accounts
  3. C.list of all balances extracted from the ledger
  4. D.list of all credit balances in the ledger.
Show the answer and explanation

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

Explanation

It lists every ledger balance, debit and credit, to check arithmetical accuracy.