What Is True About the Trial Balance

question 55

Multiple Choice

What is true about the trial balance?

• A)The total of the debits must equal the total of the credits.
• B)It contains a detailed listing of every transaction during a period.
• C)Payroll accounts do not appear on the trial balance because of their changeable nature.
• D)It may contain whatever accounts the accountant wishes to include.

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Definitions:

Strict Liability

A legal doctrine where a party can be held liable for damages without proof of fault or negligence.

No Fault

A legal term indicating that a claim or case is processed without the necessity to prove negligence or fault by any party involved.

Common Law

The body of law developed from judicial decisions of courts and similar tribunals, serving as precedent for future cases.

Contributory Negligence

A legal defense where the plaintiff's own negligence played a role in causing their damages or injury, potentially reducing the liability of the defendant.