Question

_____ is prepared to ascertain the arithmetical accuracy of posting & balancing of accounts. a) Cash book b) Journal c) Trial Balance d) Bank Reconciliation statement

Answer 1

I think option b. it is correct one..

Answer 2

The correct answer is OPTION C: Trial Balance.

• A trial balance is a bookkeeping spreadsheet with the same totals in the debit and credit account columns.
• Once a month, at the end of the reporting period, a trial balance is prepared.
• The purpose of a trial balance is to check that the accounting system's entries are mathematically correct.
• This list will include the name of each nominal ledger account as well as the nominal ledger balance value.
• Each nominal ledger account will have a debit or credit balance.
• The debit balance will display in the debit column of the trial balance, while the credit balance will appear in the credit column.
• You can generate the trading profit and loss statement, balance sheet, and other financial reports using the ledger accounts listed on the same balance function.