Question

Difference between Trial Balance and Balance Sheet are ?
a.
Trial Balance does not show the financial position of business, where as Balance Sheet shows it.
b.
The preparation of Trial Balance is Compulsory, whereas, preparation of Balance Sheet is not Compulsory.
c.
Closing stock is shown in the Trial Balance, whereas it is not shown in the Balance Sheet.
d.
Trial Balance is not accepted by the Court as documentary evidence where as Balance Sheet is accepted by the court as documentary evidence.​

Answer 1

Answer:

1)The main difference between the trial balance and a balance sheet is that the trial balance lists the ending balance for every account, while the balance sheet may aggregate many ending account balances into each line item. The balance sheet is part of the core group of financial statements

b)The preparation of Trial Balance is not compulsory at all, but the preparation of Balance Sheet is obligatory for every company. ... Trial Balance can be prepared as per requirement of the organization while the Balance Sheet is prepared at a particular date which is usually at the end of the accounting year.

Answer 2

Answer:

a.

Trial Balance does not show the financial position of business, where as Balance Sheet shows it.

Explanation:

The main difference between the trial balance and a balance sheet is that the trial balance lists the ending balance for every account, while the balance sheet may aggregate many ending account balances into each line item. The balance sheet is part of the core group of financial statements.