The trial balance is prepared to determine whether accounting records are in

The trial balance is prepared to determine whether

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The trial balance is prepared to determine whether accounting records are in balance. A trial balance is compiled from the account balance information contained in the ledger. A trial balance with equal debit and credit totals means that the accounting process is free of error. Errors like transaction omission, transaction duplication, and posting to the wrong accounts wouldcause trial balance totals to be: Which form of account is more popular in practice? The chart of accounts is a:
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Name ______________________ID # _______________________Marks ______________________1. The general ledger is comprised of numerous individual asset, liability, equity, revenue, andexpense Accounts . 2. A liability account should be increased with a Creditand decreased with a Debit.3. The normal balance of an expense account is a Debitbalance.4. The normal balances of accounts correspond to the fundamental AccountingEquation.5. Evidence of transactions is often provided by the receipt or issuance of accounting forms known asSourceDocument.6. In any transaction, total debits must equal total credits.7. To record the payment of a previously established account payable requires a debitto the AccountsPayable account.8. A Trial Balanceis a listing of the general ledger accounts along with the dollar balances containedtherein.9. The individual accounts in a general ledger are frequently assigned a number according to the___Chart of Account__.
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