Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits for the period? Prepare a trial balance. Analyze the impact of the transaction on the accounting equation. Use source documents to determine accounts affected by the transaction. Post the transaction to the T-account in the general ledger. Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits? a. Use source documents to determine accounts affected by the transaction. b. Prepare a trial balance. c. Analyze the impact of the transaction on the accounting equation. d. Post the transaction to the T-account in the general ledger.

Question

Business

Serena Orr

16 June, 14:30

Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits for the period? Prepare a trial balance. Analyze the impact of the transaction on the accounting equation. Use source documents to determine accounts affected by the transaction. Post the transaction to the T-account in the general ledger. Which step in the process of measuring external transactions involves assessing the equality of total debits and total credits? a. Use source documents to determine accounts affected by the transaction. b. Prepare a trial balance. c. Analyze the impact of the transaction on the accounting equation. d. Post the transaction to the T-account in the general ledger.

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Answers (1)

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Crane · Answer 1

The correct answer is Prepare a trial balance.

Explanation:

The trial or verification balance is an accounting report where the amounts of the balances of all the accounts of a company's general ledger are collected. Debit balances are listed in one column and credit balances in another column. The total of these two columns must be identical.

A company prepares a trial balance generally at the end of each reporting period, with the purpose of ensuring that the entries in a company's accounting system are mathematically correct.