Question

write five features of trial balance?​

Answer 1

Answer:

Five features of trial balance:

• It is a summary of debit and credit balances which are extracted from various ledger accounts.
• It is a summary of debit and credit balances.
• The motive behind the preparation of Trial balance is to establish arithmetical accuracy of the transactions recorded in the Books of Accounts.
• Trial balance does not prove any arithmetical accuracy of accounts which can only be determined by the audit.
• It is not an account. It is only a statement of account.

Explanation:

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Answer 2

$\huge\underbrace\blue{Trial \: balance}$

A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance.

Features of trial balance:-

• It is a summary of debit and credit balances which are extracted from various ledger accounts.

• It is a summary of debit and credit balances.

• The motive behind the preparation of Trial balance is to establish arithmetical accuracy of the transactions recorded in the Books of Accounts

• Trial balance does not prove any arithmetical accuracy of accounts which can only be determined by the audit

• It is not an account. It is only a statement of account.

• It is only a statement of account.• It is not a part of the final statements.

• A Trial balance at the end of the accounting year but it can also be prepared anytime as and when required like weekly, monthly, quarterly or half-yearly.

• It acts as a bridge between books of accounts and the Profit and loss Account and Balance sheet.