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:

Eligible Student

A student who meets certain criteria, often related to enrollment status and academic progress, to qualify for financial aid or tax benefits.

Child Tax Credit

A tax credit available to taxpayers for each qualifying child, reducing the taxpayer's tax liability on a dollar-for-dollar basis.

Qualifying Child

A dependent child who meets specific IRS criteria, enabling the taxpayer to claim certain tax benefits.

Dependent

An individual, such as a child or relative, whose support and financial care are provided by the taxpayer, and is eligible for certain tax benefits.