Which of the following is not shown in the trial balance?

Assessment: WAEC SSCE - Financial Accounting - 2007 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is not shown in the trial balance?
Answer Details
Closing stock is not shown in the trial balance. The trial balance is a statement that lists all the ledger accounts and their balances to check if the total of all debits equals the total of all credits. It is used to identify errors in accounting records. Closing stock is an asset, and it is not included in the trial balance because it is not an account that has been debited or credited during the accounting period. Instead, it is reported separately on the balance sheet under the current assets section. Therefore, the answer to the question is "closing stock."
Read lesson note on Nature And Significance Of Accounting (JAMB)
Read lesson note on Principles Of Double Entry (JAMB)
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