What term describes a form listing the titles and balances of all ledger accounts at a specific date?

What term describes a form listing the titles and balances of all ledger accounts at a specific date?

• A. Trial Balance
• B. Statement of Retained Earnings
• C. Income Statement
• D. Balance Sheet

Answer: (A)

This form lists the titles and balances of all ledger accounts at a specific date. That makes it a trial balance, which is used to verify that total debits equal total credits and to provide a complete snapshot of the ledger before preparing financial statements. The other statements serve different purposes: the statement of retained earnings shows how retained earnings changed over a period; the income statement summarizes revenues and expenses for a period; and the balance sheet presents assets, liabilities, and equity at a date. They don’t list every ledger account with its balances.

This form lists the titles and balances of all ledger accounts at a specific date. That makes it a trial balance, which is used to verify that total debits equal total credits and to provide a complete snapshot of the ledger before preparing financial statements.

The other statements serve different purposes: the statement of retained earnings shows how retained earnings changed over a period; the income statement summarizes revenues and expenses for a period; and the balance sheet presents assets, liabilities, and equity at a date. They don’t list every ledger account with its balances.