WAEC Financial Accounting 2007 Question 6

Question 6

Trial Balance

Which of the following statements is not true?

  1. A.A trial balance is an account having debit and credit sides.
  2. B.Expenses, losses and assets have debit balances.
  3. C.Revenues, gains and liabilities have credit balances.
  4. D.A trial balance is a list of balances extracted from ledger accounts.
Show the answer and explanation

Answer: A (A trial balance is an account having debit and credit sides.)

Explanation

A trial balance is a list, not an account.