A Trial Balance May Prove That Debits and Credits Are

question 1

Multiple Choice

A trial balance may prove that debits and credits are equal, but

• A)an amount could be entered in the wrong account.
• B)a transaction could have been entered twice.
• C)a transaction could have been omitted.
• D)all of these.

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Definitions:

Exports

Goods or services sent to another country for sale.

Imports

Goods or services brought into a country from abroad for sale, often subject to tariffs or trade agreements.

Sales

The exchange of goods or services for money, considering the total number of transactions completed.

Percent

Percent is a term used to describe a number or ratio expressed as a fraction of 100, often used to indicate proportions, ratios, and shares in everything from statistics to financial rates.