Which of the Following Statements Is True of a Trial

question 45

Multiple Choice

Which of the following statements is true of 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:

Indirect Materials

Materials used in the production process but not directly traceable to a finished product, often considered part of manufacturing overhead.

Work In Process Inventory

Goods partially completed in the manufacturing process; they are not yet finished products but have moved beyond the raw materials stage.

Process Operations

A method of production that involves continuous processing of materials to produce goods or provide services.

Work In Process Inventory

The account on the balance sheet representing the cost of the incomplete goods that are still in the process of production.