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WAEC Financial Accounting 2015 Question 1

Question 1

Trial Balance

Which of the following describes a trial balance?

  1. A.It is a special account.
  2. B.It is a list of balances in the books
  3. C.It reveals the financial position of a business.
  4. D.It shows all the entries in the books of a business.
Show the answer and explanation

Answer: B (It is a list of balances in the books)

Explanation

A trial balance simply lists the debit and credit balances taken from the ledger to check arithmetic accuracy.