Identify the Statement Below That Is True

question 196

Multiple Choice

Identify the statement below that is true.

• A) The trial balance is another name for the balance sheet as long as debits balance with credits.
• B) Another name for the trial balance is the chart of accounts.
• C) If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions.
• 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 a book of original entry.

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Definitions:

Just-in-time Inventory Systems

An inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, reducing inventory costs.

Responsibility

involves the duty or obligation to perform or complete a task, with an inherent accountability for the successful completion and outcomes.

Vendors

Businesses or individuals that sell products or services to other businesses or consumers.

Lease Decision

The choice between leasing or purchasing an asset, involving considerations of cost, duration, and financial impact.