Knowledge Check 01

Which of the following statements is true?

multiple choice

    The trial balance is completed to ensure that debits and credits are equal in the General Ledger.
    The trial balance is completed after the balance sheet.
    The trial balance calculates net income for the period.
    The trial balance is a financial statement distributed to owners and investors.
user
The trial balance is completed to ensure that debits and credits are equal in the General Ledger.
assistant
Could you create the finance-themed Knowledge Check 02?
user
Yes - Here are some options for Finance-Themed Knowledge Check 02.

2.1 - The acronym L&I refers to the following.

     a. Liability and Infrastructure.
     b. Labor and Industries.
     c. Labor and Income.

2.2 - Cost centers in the General Ledger can perform this function.

     a. Define a segment of your organization for which you collect and formally report costs.
     b. Track items and services used in the creation of a product for inventory purposes.
     c. Provide direct deposit information relating to specific client accounts.

Please let me know if you would like additional Knowledge Check questions.
assistant
Please create a Knowledge Check 03, but this time let it be a multiple choice question, and which will have 4 possible choices, where 2 of them are correct.
user