Which of the Following Is Incorrect Regarding a Trial Balance

question 166

Multiple Choice

Which of the following is incorrect regarding a trial balance?

• A) It proves that the debits equal the credits after posting.
• B) It proves that the company has recorded all transactions.
• C) A trial balance uncovers some errors in journalizing and posting.
• D) A trial balance is useful in the preparation of financial statements.

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Definitions:

Muromachi

A period in Japanese history spanning from 1336 to 1573, characterized by the political and military rule of the Muromachi or Ashikaga shogunate.

Minimum Wage Law

Legislation that sets the lowest hourly wage rate that an employer can legally pay their employees.

Labor Demanded

The total amount of labor that employers are willing to hire at a given wage rate in an economic market.

Collective Bargaining

The negotiation process between employers and a group of employees aimed at agreements to regulate working salaries, working conditions, and other aspects of workers' compensation and rights.