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TRIAL BALANCE vs BALANCE SHEET

Authored by Thomas Niksich

Business

12th Grade

Used 11+ times

TRIAL BALANCE vs BALANCE SHEET
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the trial balance?

A report showing the total debits and credits in each account

A report showing the closing balances of all general ledger accounts at a single point in time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the balance sheet?

A snapshot of a business's assets, liabilities, and equity at a single point in time

A report used to summarize a business's financial performance, position, and cash flow

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the trial balance?

To check the integrity of financial data

To report a business's assets, liabilities, and equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the balance sheet?

To show the total debits and credits in each account

To report a business's assets, liabilities, and equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the trial balance show?

Closing balances of all general ledger accounts

Total debits and credits in each account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the balance sheet show?

Assets, liabilities, and equity

Total debits and credits in each account

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of financial statements?

To check the integrity of financial data

To summarize a business's financial performance, position, and cash flow

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