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wolverine [178]
2 years ago
6

The listing of the account names and the sum of the account balances is called what

Business
1 answer:
Dmitrij [34]2 years ago
5 0

The listing of the account names and the sum of the account balances is called a trial balance. All significant accounting items, including as assets, liabilities, equity, revenues, expenses, gains, and losses are tied to the accounts shown on a trial balance.

A trial balance is a financial report that displays the general ledger's closing balances for all accounts at a certain point in time. The first stage in closing the books at the conclusion of an accounting month is to create a trial balance. The trial balance is a financial report that includes the closing balances for all of the company's general ledgers.

To learn more about  trial balance, click here.

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The double-entry principle in the balance-of-payments
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Answer:

The Current account is for goods and services.

The Financial account is for exchange of currencies and financial assets across countries.

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The Financial account should be debited to show that currency is coming into the U.S. from outside the country and current account should be credited for services rendered.

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Current account should be debited to reflect that goods are coming into the country but the financial account should be credited to show that currency is leaving the ownership of an American entity so it is passing out of American hands.

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