Which of the Following Statements CORRECTLY Describes a Trial Balance

question 35

Multiple Choice

Which of the following statements CORRECTLY describes a trial balance?

• A) A trial balance is the first step in the accounting cycle.
• B) A trial balance is also known as a balance sheet.
• C) A trial balance is a list of all accounts with their balances.
• D) A trial balance is also known as the chart of accounts.

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Definitions:

Advantageous Use

Utilizing a resource, skill, or opportunity in a way that maximizes benefits or produces a favorable outcome.

Product Price

The amount of money required to purchase a product, determined by various factors including production costs, market demand, and competition.

Target Market

A specific group of potential customers identified as the intended recipient of a company's marketing efforts.

Ethical Concern

Considerations related to the moral implications and responsibilities of one's actions, particularly regarding their impact on others.