Trial balance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 October 2013
trial balance is a statement which shows the ______ or the ______ of all the accounts.
a)balances , totals
b)debit balance , credit balance
answer: option (b)
but according to me answer as option (a) is also correct since there are two types of trial balances gross method,in which totals of all a/c's are shown and net method .in which balances of all a/c's are shown.
.
.
.
can anyone clarify this pls!
a)balances , totals
b)debit balance , credit balance
answer: option (b)
but according to me answer as option (a) is also correct since there are two types of trial balances gross method,in which totals of all a/c's are shown and net method .in which balances of all a/c's are shown.
.
.
.
can anyone clarify this pls!
20 October 2013
Whether gross method or net method, finally each account net balance of debit & credit will flow to the p&l, balance sheet and any other statements. so option (b) is the correct answers
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20 October 2013
Yes, option b is correct answer
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20 October 2013
Hi
Trial balance shows net balance. So option A can not be correct.
So it is not total of Debit & Total of Credit. But net off of Debit & Credit.
Thanks
Trial balance shows net balance. So option A can not be correct.
So it is not total of Debit & Total of Credit. But net off of Debit & Credit.
Thanks
Message likes :
1 times
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