What is meaning of trial balance ? What is definition of trial balance ? Write a characteristics of trial balance?
Answers
MEANING OF TRIAL BALANCE::::
To check the arithmetical accuracy of account books from time to time, Businessman prepare a list on a particular date caring balance of all the ledger accounts . It consists of accounts having debit as well as credit balance. The list of all balance is called trial balance.
DEFINITION OF TRIAL BALANCE ::::
Trial balance is a statement of debit and credit balance derived from the laser including cash and bank balance.
CHARACTERISTICS OF TRIAL BALANCE::::
1. Trial balance is a statement.
2. It does not have a column for date.
3. The trial balance can be prepared at any particular date, but generally it is prepared at the end of accounting year.
4. The agreement of totals of both the sides of trial balance indicates that the posting in the ledger is arithmetically correct.
5. It provide all the information required for the preparation of final account.
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