When Preparing the Trial Balance,the Total Debits Should Equal the Total

question 91

True/False

When preparing the trial balance,the total debits should equal the total credits.

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Definitions:

AICPA

The American Institute of Certified Public Accountants, a professional organization for Certified Public Accountants (CPAs) in the United States.

Limited Liability Company

A business structure in the United States that provides its owners with limited liability while allowing them to enjoy the tax and operational flexibility of a partnership.

Business Organizations

Formal entities set up for the purpose of conducting trade or providing services, following a particular operating structure and goals.

Partnership

A legal form of business operation between two or more individuals who share management and profits.