MTEL Business Practice Exam

Correct Response: B. The purpose of the trial balance is to verify that total debits equal total credits in an organization's general ledger accounts. The balance sheet, not the trial balance, provides a quick overview of a business at a given date (A). The statement of owner's equity summarizes the equity of a business. The trial balance is not used for this purpose (C). A trial balance cannot be used to determine if credits and debits are entered in the wrong accounts, since the balance will still be maintained (D).