Trial balance is a statement true or false
Answers
Trial Balance detail
Explanation:
Trial balance is the summary of all ledger balances as on a particular period.
it has three columns particular, debit & credit. 'it is prepare for check the arithmetical accuracy of the entries. it does not follow the basic accounting rule for the debit & credit so it is only statement which records closing balance of assets, liabilities , expenses & incomes .there is no use of trial balance in itself. we make it useful by bifurcate it into two parts. first for profit called (Profit statement) second is for position called(position statement)
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False. A trial balance is not a statement. A statement refers to a formal record of financial transactions and positions of a business. But a trial balance is not statement because of the reasons given below:
Explanation:
- A trial balance is a very simple and an essential process of the the three steps of book recording. A trial balance is a place where all the ledger transactions are listed.
- A Business is known to have normal profit when the debits and the credits are equal. In a trial balance when the ledger balances are listed, the debit and the credit balances are checked and compared that is the whole purpose of a trial balance. It's basically there to self check on the business' credit and debit balance.
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