The General Ledger Trial Balance is prepared yearly. True or False?

Question

BlackTom AI · Accepted Answer

Question restated: The General Ledger Trial Balance is prepared yearly. True or False?
Option 1: False. This would be incorrect because a General Ledger Trial Balance is not limited to a single yearly preparation. In practice, many organizations generate trial balances monthly or at specific interim periods to check that debits equal credits and to facilitate timely financial reporting. Limiting it to only yearly ignores common accounting practice and internal controls that rely on more frequent reconciliation.
Option 2: True. While it is common to prepare a trial balance at year-end as part of closing the books and generating annual financial statements, the statement as written can be interpreted as describing a typical or conventional practice: the general ledger trial balance is indeed prepared for the year to support annual reporting. The phrase aligns with standard accounting procedures where an annual trial balance is produced to verify balances before preparing the financial statements.
In summary, the key idea is that the trial balance is a checkpoint of the general ledger balances, used for accuracy checks before financial statements; however, its preparation is not exclusively yearly in all organizations, which is why the false option is flawed, while the true option reflects the common year-end application even though more frequent preparations are also possible in practice.

BBK99E2 - Basic Bookkeeping Level 2 Part 2 - Online Exam

The General Ledger Trial Balance is prepared yearly. True or False?

查看解析

登录即可查看完整答案

类似问题

An error that may be detected by the trial balance is:

A trial balance shows the:

Referring to the Trial Balance printed in Step 7 of the Practical Exam, what are the total Debits?

A post-adjustment Trial Balance is

A Trial Balance prepared before making balance day adjustments is known as

Refer to sheet A4Q7-9 Create a trial balance from the journal entries provided. What is the balance in Cash?

Using the Trial Balance, March 31, 2003, the amount entered for G/L Account 6070 (Bank Charges & Interest) is:

更多留学生实用工具

考试浏览器助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单