Question
A trial balance is an internal financial report,
critical to the book-keeping and accounting process. What purpose does a trial balance serve?Solution
A trial balance is a book-keeping or accounting report that lists the balances in each of the company's general ledger accounts. Since accounting is done on a double-entry system, the total of debit and credit balances should be equal. A disagreement in the trial balance indicates an error and therefore a trial balance helps in checking the arithmetic accuracy of preparation of accounts.
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