MC21 What is the difference between a trial balance and a balance sheet?
A. A trial balance is a list of accounts and their balances, while a balance sheet is a financial statement that summarizes a company’s financial position.
B. A trial balance is a financial statement that summarizes a company’s financial position, while a balance sheet is a list of accounts and their balances.
C. A trial balance is used to record revenue and expenses, while a balance sheet is used to record assets, liabilities, and equity.
D. A trial balance is used to record assets, liabilities, and equity, while a balance sheet is used to record revenue and expenses.
Answer:A
MC21 What is the difference between a trial balance and a balance sheet?
A. A trial balance is a list of accounts and their balances, while a balance sheet is a financial statement that summarizes a company’s financial position. B. A trial balance is a financial statement that summarizes a company’s financial position, while a balance sheet is a list of accounts and their balances. C. A trial balance is used to record revenue and expenses, while a balance sheet is used to record assets, liabilities, and equity. D. A trial balance is used to record assets, liabilities, and equity, while a balance sheet is used to record revenue and expenses.