Which of the Following Statements Is True

question 51

Multiple Choice

Which of the following statements is true?

• A) The trial balance is never used to prepare financial statements.
• B) The trial balance is a list of all the accounts in the journal
• C) Another name for the trial balance is the "chart of accounts"
• D) The trial balance is a list of the accounts in the general ledger
• E) A trial balance is only prepared at year end

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Definitions:

Price Factor

A multiplier used to adjust prices, often in the context of indexation or currency conversion.

Standard Cost

A preset cost for a product under normal conditions, used as a benchmark against actual costs.

Price Variance

The difference between the actual price paid for a good or service and its expected (budgeted) price.

Standard Cost Cards

Documentation that records the expected costs of materials, labor, and overhead for a product, used for budgeting and performance evaluation.