Question

What do you mean by Trial Balance?

Answer 1

Trial balance is a statement of all debit and credit balances in the ledger of a double entry system...and drawn up to test their equality.

Answer 2

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements.

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