Question

What is used in preparing trial balance?​

Answer 1

Answer:

To prepare a trial balance, you will need the closing balances of the general ledger accounts. The trial balance is prepared after posting all financial transactions to the journals and summarizing them on the ledger statements. ... Ideally, the totals should be the same in an error-free trial balance.

Explanation:

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Answer 2

• Trial balance is one of the most important accounts for the auditors to analyze the profit and loss for the business.
• It ensures mathematical accuracy of the ledger account and helps in preparing the financial statements for the business with the correct  audits.  
• It helps to check both the debit and credit side of the ledger, the expenses, the Assets and the liabilities of the company.
• To prepare a correct trial balance unit the closing balance of the general ledger account.  
• The ledger account is prepared from the journal entries which summarizes all the financial transactions of the business for a financial year.