Answer :
Common balance types are current balance, trial balance, and adjusted balance. Knowing these can help identify GC Myer's balance type.
There are three common types of balances:-
- Current Balance: This reflects all transactions recorded as of the latest ledger update.
- Trial Balance: This is a list of all the ledger accounts and their balances at a specific time. It's used to ensure that debits equal credits.
- Adjusted Balance: This includes all adjustments made for accrued revenues, expenses, etc., to reflect the true financial position of the company.
The most commonly referred to 'balance' in a business context is the Balance Sheet, which includes crucial information about the company's assets, liabilities, and equity.
