Which one of the following is not a part of an account? Group of answer choices Credit side Trial balance Debit side Title
Question
Which one of the following is not a part of an account?
- Group of answer choices
- Credit side
- Trial balance
- Debit side
- Title
Solution
A trial balance is not a part of an account.
Here's why:
-
An account in accounting is a record in the general ledger that is used to sort and store transactions. Each account has a title to reflect the type of transaction it represents, a debit side, and a credit side.
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The debit side of an account records all the increases in asset and expense accounts, and decreases in liability, equity, and revenue accounts.
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The credit side of an account records all the increases in liability, equity, and revenue accounts, and decreases in asset and expense accounts.
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A trial balance, on the other hand, is a report that lists the balances of all accounts in the general ledger at a specific point in time. It is used to check the mathematical accuracy of the accounting system, ensuring that the total debits equal the total credits. Therefore, a trial balance is not a part of an individual account, but rather a tool used to check the balance of all accounts.
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