A Trial Balance Is a Useful Device Because It Provides

question 146

Multiple Choice

A trial balance is a useful device because it provides a check on accuracy by showing whether:

• A) total assets equal total liabilities
• B) total debits equal total credits
• C) total revenues plus gains equal total expenses plus losses
• D) total of all the income statement accounts equals the total of all the balance sheet accounts

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Definitions:

Median

The middle value in a sorted list of numbers, or the average of the two middle numbers when the list has an even number of entries.

Standard Deviation

An approach to quantifying how much a group of numbers disperses or varies from each other.

Mean

The arithmetic average of a set of numbers, calculated by adding them together and dividing by the number of values.

Median

The median is the middle value in a list of numbers sorted in ascending or descending order, splitting the dataset into two halves.