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TRIAL BALANCE & RECTIFICATIONS OF ERRORS
What is a Trial Balance in accounting?
A Trial Balance is a statement that lists all ledger account balances at a specific date to verify that total debits equal total credits, confirming the arithmetical accuracy of the books.
What are the two sides of a Trial Balance?
Debit side and Credit side totals.
When does a Trial Balance agree?
A Trial Balance agrees when the total of all debit balances equals the total of all credit balances, indicating no arithmetical errors in posting.
What is the purpose of preparing a Trial Balance?
To verify arithmetical accuracy of ledger accounts.
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