Questions: A trial balance is a(n) (list/balance/chart) of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of the credit account balances.

A trial balance is a(n) (list/balance/chart) of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of the credit account balances.
Transcript text: A trial balance is a(n) (list/balance/chart) of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of the credit account balances.
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Solution

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The answer is "list": A trial balance is a list of accounts and their balances at a point in time and is used to confirm that the sum of debit account balances equals the sum of the credit account balances.

Explanation:

  • A trial balance is essentially a "list" of all the accounts in the general ledger along with their respective balances. It is prepared at a specific point in time to ensure that the total debits equal the total credits, which is a fundamental principle of double-entry bookkeeping.
  • "Balance" would not be the correct choice here because the trial balance itself is not a balance but a listing of balances.
  • "Chart" is also incorrect because a chart typically refers to a visual representation, whereas a trial balance is a textual listing of account names and their balances.

In summary, the correct term to fill in the blank is "list."

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