Acct.Ch.7.TB

Front

When is the trial balance prepared?

Back

After all journal entries have been posted to the ledgers

Front

What is the purpose of the trial balance?

Back

to prove the ledger (debits = credits)

Front

What is the trial balance?

Back

a list of all accounts and their current balances

Front

IF errors are found in the trial balance what should be done?

Back

You must find the error(s) in the correct accounts and rectify the mistakes.

Front

Accounts in the trial balance should be listed in what order?

Back

The order of the accounting equation

Front

Only accounts that have a balance are listed. True or False?

Back

False - all accounts are listed.

Front

There are 2 columns on the trial balance, one for debits and one for credits.

Back

True

Front

The term single ruling in accounting implies?

Back

We are doing a mathematical operation, typically totaling

Front

The term double rule implies?

Back

That the totals are equal and we are finished with the document

Front

A slide error means

Back

you have moved the decimal point in number- this will cause your balances to be unequal