An Accounting Record That Includes a List of Accounts and Their

question 208

Multiple Choice

An accounting record that includes a list of accounts and their balances at a given time is called a

• A)trial balance.
• B)general journal.
• C)general ledger.
• D)chart of accounts.

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Definitions:

Credit Balance

A balance in a financial account that indicates the amount of money owed to a creditor or the account holder; it is the opposite of a debit balance.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances from temporary accounts to permanent accounts, preparing the books for the next period.

Temporary Accounts

Revenue, expense, and drawing accounts that are closed to the owner’s capital account at the end of the accounting period.

Post-Closing Trial Balance

A listing of all accounts and their balances after the closing entries are made, ensuring debits equal credits.