Which of the Following Statements About the Trail Balance Is

question 53

Multiple Choice

Which of the following statements about the trail balance is not true?

• A)Debit balances must equal credit balances.
• B)It includes only assets,liability and equity accounts.
• C)It is useful for detecting errors.
• D)It is an important step in the accounting cycle.

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Definitions:

Latchkey Children

Refers to children who return to an empty home after school or are left unsupervised for long periods because their parents are at work.

Generation X

The demographic cohort following the Baby Boomers, typically defined as being born from the mid-1960s to early 1980s.

Generational Cohort

A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

Demographic Data

Information collected about populations or specific groups, including statistics on age, gender, income, race, and education, used for analysis and policy-making.