BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -The best description of a trial balance is a statement that shows all the entries in the books. A trial balance is a statement that contains all the balances of real, nominal, and personal accounts. Was this answer helpful?

Detailed explanation-2: -A trial balance is a report that lists the balances of all general ledger accounts of a company at a certain point in time. The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses.

Detailed explanation-3: -Trial Balance is a part of the accounting process, that shows the debit and credit balances received from the ledger accounts. Whereas, the Balance Sheet is the statement that shows the company’s financial status by reviewing the capital, liabilities, and assets on a particular date.

Detailed explanation-4: -Although you can prepare a trial balance at any time, you would typically prepare a trial balance before preparing the financial statements. On the trial balance the accounts should appear in this order: assets, liabilities, equity, dividends, revenues, and expenses.

Detailed explanation-5: -Trial balance is prepared with the help of ledger account. All the balances from each of ledger account is taken in a list in the debit and credit column. Both the sides of trial balance must be equal as accounting is based on the double entry system of accounting. Was this answer helpful?