Which of the following is not found in a trial balance?
Question 1 Report
Which of the following is not found in a trial balance?
Answer Details
Closing stock is not found in a trial balance. A trial balance is a statement of all the ledger account balances within a company's financial accounting system that are used to confirm that the total debit balance of all ledger accounts equals the total credit balance of all ledger accounts. While opening stock, capital, and rent paid are all ledger accounts, closing stock is a temporary account that is closed at the end of the accounting period and used to calculate the cost of goods sold. As a result, it does not appear in a trial balance.
Download The App On Google Playstore
Everything you need to excel in your exams
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning