Under IFRS the Trial Balance

question 117

Multiple Choice

Under IFRS the trial balance

• A) follows the same format as under GAAP.
• B) shows credits on the left and debits on the right.
• C) includes less accounts than under GAAP.
• D) includes more accounts than under GAAP.

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Definitions:

Asset Account

An account that represents a resource owned or controlled by a business, expected to provide future economic benefits.

Debit

An entry recorded on the left side of an account in double-entry bookkeeping that increases asset or expense accounts, or decreases liability, equity, or revenue accounts.

Liability Account

An accounting record of obligations or debts that a company owes to others, typically outside of the company.

Increase

An upward adjustment or growth in value, quantity, or size.