use of trialbalance

discuss it

12 Answers
Top Voted Recent Answer
1-12 of  12
12 Answers
Top Voted Recent Answer
  • A trial balance is prepared to check the arthimetic accuracy of accounting.
    1
  • A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance.
    0
  • in simple words....with the help of trial balance we can identify and rectify the error in the accounts statements.
    0
  • how to know that a company is in profits
    0
  • Basically it helps to identify the errors and mistakes in transactions like we check if the debit and credit balance is equal or not and if not then suitable measures are taken to identify the errors and make correction, it doesn't gurantee the perfection and have certain drawbacks but still can be used.
     
    0
  • Trial balance is a statement which shows the closing balance of all ledgers.
    0
  • trial balance is prepared to the check arthmatic errors and accuracy of accounts trial balanceis the summary of all accounts
    0
  • Use of Trial Balance :-
    1) The balance of all accounts is shown at one place. Thus it is the summary of all accounts.
    2) It shows the arithmetical mistake of the entries.
    3) Trading, Profit & Loss Account and the Balance Sheet are prepared with the help of trial balance only.
    0
  • It ensures and verify that all the transactions have taken place from time to time , equal and identical debit and credit entries have been recorded in proper respective accounts .  It is used to check arithmetical accuracy  .  If trial balance does not agreed or not balanced it means that there is an error .  It shows the ending/final balances of every ledger account . It is the first step for preparing final accounts . so all other final accounts i.e., financial statements are prepared only after ensuring that TRIAL BALANCE IS AGREED .
    0
forum   Other Related Discussions
Accounting

Didn't get the answer.
Contact people of Talent-Accounting directly by clicking here