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WAEC Financial Accounting 2010 Question 5

Question 5

Trial Balance

Which of the following is not found in a trial balance?

  1. A.Opening stock
  2. B.Closing stock
  3. C.Capital
  4. D.Rent paid
Show the answer and explanation

Answer: B (Closing stock)

Explanation

Closing stock is valued after the books are balanced, so it is usually given as a note below the trial balance.