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Question: What is Trial Balance?

Answer: It is statement of balances of all the accounts in the ledger prepared to prove the arithmetical accuracy of the books of accounts.



Category Finance Interview Questions & Answers - Exam Mode / Learning Mode
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Question: What is Trial Balance?
Answer:

It is statement of balances of all the accounts in the ledger prepared to prove the arithmetical accuracy of the books of accounts. Source: CoolInterview.com


A trial Balance is a list of Debit and Credit or a list of Debit & Credit Balance of all the ledger accounts prepared on any particular date" Source: CoolInterview.com

Answered by: Prof. ABDUL WAJID.K. | Date: 12/18/2009 | Contact Prof. ABDUL WAJID.K. Contact Prof. ABDUL WAJID.K.

All business periodically tabulate the debit and credit balance seperately in a statement to see whether the total of debit balances agrees with the total of credit balances or not.such a statement is known as trial balance. Source: CoolInterview.com

Answered by: Anamika Saboo | Date: 5/24/2010 | Contact Anamika Saboo Contact Anamika Saboo

A trial balance is a list of all the general ledger accounts (both revenue and capital) 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. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance. Source: CoolInterview.com

Answered by: RACHAPPA | Date: 4/15/2016 | Contact RACHAPPA Contact RACHAPPA


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