The Main Purpose of a Trial Balance Is

question 74

Multiple Choice

The main purpose of a trial balance is

• A) to serve as a basic internal control.
• B) to assist in preparation of the financial statements.
• C) to prove the mathematical equity of debits and credits after posting.
• D) to uncover errors in journalizing and posting.

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Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision or choosing one option over another.

Self-Employed Lawyer

A legal professional who operates their own legal practice rather than working as an employee for a law firm or corporation.

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Describes how something changes or differs across different situations, locations, or points in time.

Time

A continuum that lacks spatial dimensions and in which events occur in apparently irreversible succession from the past, through the present, into the future.