Which Statement About a Trial Balance Is NOT True

question 15

Multiple Choice

Which statement about a trial balance is NOT true?

• A)The trial balance can be prepared at any time, but is generally prepared at the end of the accounting period.
• B)The trial balance is a list of all accounts with their balances.
• C)The trial balance lists the income statement accounts and their balances first and then the balance sheet accounts and their balances.
• D)The trial balance lists asset accounts and their balances first, then liability accounts and their balances, and then stockholders' equity accounts and their balances.

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Definitions:

Informational Cascade

An assessment (e.g., of an investment opportunity) based in part on the actions of others, which in turn were based on the actions of others.

Expected Gain

The anticipated positive return or benefit from an investment or action, often calculated as an average of possible outcomes.

Negative Return

A loss incurred from an investment where the total costs exceed the total revenues.

Social Impact

The effect of an activity on the social fabric of the community and well-being of individuals and families.