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TRIAL BALANCE AND RECTIFICATION OF ERRORS IMPORTANT QUESTIONS
What is a Trial Balance?
A Trial Balance is a statement prepared at the end of an accounting period listing all ledger account balances to verify that total debits equal total credits.
What are the two sides of a Trial Balance?
Debit side and credit side with equal totals.
What is the primary purpose of preparing a Trial Balance?
The primary purpose is to check the arithmetical accuracy of ledger postings and ensure that the double-entry bookkeeping principle has been correctly applied.
Which accounting errors are disclosed by a Trial Balance?
One-sided errors like wrong totals or posting omissions.
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