which of the following is not a process in the preparation of a trial balance
(a) Recording (b) summarizing (c) classifying (d) Interpretation ???????
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Answer:
(D) Interpretation.
Interpretation is not a process in the preparation of a trail balance.
Explanation:
While preparing the trail balance, closing balances of the ledger accounts whether debit or credit are carried forwarded.
It involves on recording, summarizing and appropriated classification only.
Interpretation comes after preparation of financial statements.
Interpretation helps to find out the best outcome of the transactions and events based on the figures presented in the financial statements which are prepared based on trail balance and adjustments in the financial year.
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