The Trial Balance Flashcards
1
Q
What does a trial balance do?
A
Trial balances list all accounts in balance sheet order
2
Q
What is balance sheet order?
A
Assets
Liabilities
Shareholder’s equity
Revenue
Expenses
3
Q
What does the trial balance help show?
A
Helps to show if debits = credits and if the accounting has been accurate
4
Q
What goes in the trial balance title?
A
Company name
Financial statement (trial balance)
Date (for the month ended…)
5
Q
Where are the values in trial balances obtained from?
A
T-accounts
6
Q
How do t-accounts help trial balances?
A
T-accounts present the total debit/credit value in a given account
7
Q
Do debits need to be equal to credits in trial balances?
A
Yes
8
Q
Where do currency signs go in trial balances?
A
At the top of the columns and alongside the totals
