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WAEC Financial Accounting 2024 Question 12

Question 12

Trial Balance

An item recorded in the trial balance is

  1. A.opening stock.
  2. B.closing stock.
  3. C.accrued expenses.
  4. D.depreciation charged for the year.
Show the answer and explanation

Answer: A (opening stock.)

Explanation

Opening stock is a ledger balance and appears in the trial balance; closing stock, accruals and the year's depreciation are year-end adjustments made afterwards.