Trial Balance: 5 True or False Questions

Can you answer these 5 True or False questions on the Trial Balance?

1. The Trial Balance is a type of Financial Statement.
2. The Trial Balance shows us the balances of all accounts in the General Ledger.
3. A Trial Balance is only prepared after Closing Entries have been posted.
4. An Adjusted Trial Balance is prepared after all Adjusting Entries have been posted.
5. If Total Debits match Total Credits in a Trial Balance, then there are no errors.

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[AccountingStuff]

How did you score?

ANSWERS ⬇️

1. FALSE - The Trial Balance is not a Financial Statement. It's an internal report that lists all ledger accounts and their balances.
2. TRUE - The Trial Balance shows the balances of all accounts in the General Ledger.
3. FALSE - A Trial Balance can be run at any point in time.
4. TRUE - An Adjusted Trial Balance is prepared after all Adjusting Entries have been posted.
5. FALSE - Errors can still exist in a Trial Balance, even if it is balanced. E.g. omitted entries & misclassified transactions.

Head to accountingstuff.com for more practice questions like this.

[alinskyjesusballecer]

4/5 The last one was an overthinker question 😂 Thanks once moree❤

[shanelahi-umew]

if total debit matches total credit so there is no error it should be true because debit must be equal to credit?
explain

[X-ITACHI]

umm why is the last uestion false?cant get it

[stonks]

5 but I'm still bad at accounting