Preparation of a Trial Balance Is the First Step in Processing

question 139

True/False

Preparation of a trial balance is the first step in processing a financial transaction.

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Definitions:

Percent Rate

a rate that describes a portion of a hundred in finance, often related to interest or growth rates.

Portion

A part or segment of the whole, often expressed as a fraction or percentage.

Accurate

Describes information, measurements, or results that are exact, precise, and free from errors or mistakes.

Cent

A monetary unit equal to one hundredth of a larger unit, such as a dollar or euro.