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Which statement best explains Trial balance?

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Question ID #25868 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Which statement best explains Trial balance?

Correct Answer: B. Statement listing ledger balances to test arithmetical agreement of debits and credits
Trial balance: Statement listing ledger balances to test arithmetical agreement of debits and credits

Question: Which statement best explains Trial balance?

A. Statement of financial position showing assets, liabilities and equity at a point in time

B. Statement listing ledger balances to test arithmetical agreement of debits and credits

C. Expenditure creating or improving a long-term asset or benefit

D. Depreciation method applying a rate to the carrying amount of an asset

Correct Answer: B. Statement listing ledger balances to test arithmetical agreement of debits and creditsTrial balance: Statement listing ledger balances to test arithmetical agreement of debits and credits

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Which statement best explains Trial balance? - MCQ Explanation

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Correct answer: B. Statement listing ledger balances to test arithmetical agreement of debits and credits