Which of the Following Statements Are True

question 228

Multiple Choice

Which of the following statements are true?

• A)If the trial balance is in balance,it proves that no errors have been made in recording and posting transactions.
• B)The trial balance is a book of original entry.
• C)Another name for trial balance is chart of accounts.
• D)The trial balance is a list of all accounts from the ledger with their balances at a point in time.
• E)The trial balance is another name for the balance sheet as long as debits balance with credits.

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Definitions:

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Public Officials

Individuals elected or appointed to manage affairs of the government at various levels, responsible for implementing laws and overseeing public services.

Market Interest Rate

The prevailing rate of interest on loans and deposits in the wider financial market, influenced by supply and demand, central bank policy, and other factors.

Firm's Level

Refers to the perspective or activities that are specific to a single business entity, as opposed to a sector or economy as a whole.