Question

In: Accounting

Which of the following is true regarding the trial balance? Select all that apply. a) The...

Which of the following is true regarding the trial balance? Select all that apply.

a) The trial balance includes all of the accounts needed to create the balance sheet and the income statement.

b) The trial balance is much less detailed than the balance sheet and income statement.

c) The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.

d) The accounting principle of money measurement says that the information on the trial balance can be combined and simplified into more general reporting items.

e) The trial balance shows only nominal accounts.

Solutions

Expert Solution

(A)

This is correct answer.

The trial balance includes all of the accounts needed to create the balance sheet and the income statement.

(B)

this is not correct answer

The trial balance is much more detailed than the balance sheet and income statement.

(C)

This is correct answer.

The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.

(D)

This is correct answer.

The accounting principle of materiality says that the information on the trial balance can be combined and simplified into more general reporting items.

(E)

this is not correct answer.

The trial balance shows both the nominal and real accounts

ekkarill92 answered 2 years ago
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