Asked by TEDDY VELISSARIS on May 26, 2024
Verified
When constructing a worksheet accounts are often needed that are not listed in the trial balance already entered on the worksheet from the ledger. Where should these additional accounts be shown on the worksheet?
A) They should be inserted in alphabetical order into the trial balance accounts already given.
B) They should be inserted in chart of account order into the trial balance already given.
C) They should be inserted on the lines immediately below the trial balance totals.
D) They should not be inserted on the trial balance until the next accounting period.
Trial Balance
A bookkeeping worksheet where the balances of all ledgers are compiled into debit and credit columns to ensure accuracy in the accounts.
Additional Accounts
Accounts that are created to track or manage specific financial transactions not covered by the standard set of accounts.
Worksheet
An accounting tool used for planning and preparing financial statements, often in the form of a spreadsheet.
- Comprehend the significance and details of worksheets in formulating financial statements.
Verified Answer
MM
Marlon MieresMay 26, 2024
Final Answer :
C
Explanation :
Additional accounts that are not listed in the trial balance should be inserted on the lines immediately below the trial balance totals. This helps to keep the trial balance organized and allows for easier identification of any discrepancies or errors.
Learning Objectives
- Comprehend the significance and details of worksheets in formulating financial statements.