1. The T-account is an actual account in the general ledger of the accounting records. True False

2. The T-account is very useful for accumulating the effects of transactions on account balances and for determining individual account balances. True False

3. The trial balance is similar to the balance sheet in that it is a listing of assets, liabilities, and stockholders' equity and is provided to external decision makers. True False

4. The trial balance is a listing of account balances that are found in the general ledger. True False

5. An objective of preparing the trial balance is to test the equality of debits and credits. True False