A Trial Balance Is Not a Financial Statement; It Is

question 154

True/False

A trial balance is not a financial statement; it is a mechanism for checking equality of debits and credits in the ledger.

---

Definitions:

Rent Paid

The amount of money paid by a tenant to a landlord for the use of property or space over a specified period.

Capital

The financial resources businesses use to fund their operations, including equity, debt, and retained earnings.

Worksheet

A paper or digital document used to organize and summarize data for analytical, accounting, or other purposes, often facilitating easier decision-making.

Depreciated

The decrease in the value of an asset over time, typically due to wear and tear or obsolescence.