Banner 0
Banner 1
Banner 2
Banner 3
Banner 4
Banner 5
Banner 6
Banner 7
Banner 8

Q.

Which of the following statements is true about a trial balance?

see full answer

High-Paying Jobs That Even AI Can’t Replace — Through JEE/NEET

🎯 Hear from the experts why preparing for JEE/NEET today sets you up for future-proof, high-income careers tomorrow.
An Intiative by Sri Chaitanya

a

It ensures that all transactions have been recorded accurately in the accounting system.

b

It is a financial statement that shows the revenues and expenses of a business for a period of
time.

c

It is a statement of the financial position of a business on a particular date.

d

It is a document that summarizes the cash inflows and outflows of a business for a period of time.

answer is A.

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

JEE

NEET

NEET

Foundation JEE

Foundation JEE

Foundation NEET

Foundation NEET

CBSE

CBSE

Detailed Solution

A trial balance is a statement that lists all the ledger accounts and their balances to ensure that the total debits equal the total credits. If the debits and credits do not balance, it indicates that there is an error in the accounting system and that the transactions have not been recorded accurately. Therefore, option (a) is the correct answer.

Watch 3-min video & get full concept clarity

Ready to Test Your Skills?

Check your Performance Today with our Free Mock Test used by Toppers!

Take Free Test

score_test_img

Get Expert Academic Guidance – Connect with a Counselor Today!

whats app icon