WAEC Accounting 2015 Objective — Question 1
Question 1 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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Which of the following describes a trial balance?
- A. It is a special account
- B. It is a list of balances in the booksCorrect
- C. It reveals the financial position of a business
- D. It shows all the entries in the books of a business
Explanation
A trial balance is a list of balances (debit and credit) extracted from the ledger accounts, used to test the arithmetical accuracy of the postings.
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