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Preparation of reports: The Trial Balance

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    Tashika B.
    US
    Tashika B.

    The purpose of the trial balance is to put together the ledger totals and balances to make sure that the recording process is accurate.

    BabaJide Martins F.
    TR
    BabaJide Martins F.

    It allows to know your debit and credit. On the other hand it gives chances of getting the accuracy recording process in order, while by preparing the real statement all errors will be noted and corrected.

    Hermina S.
    LC
    Hermina S.

    What is the purpose of "post trial balance"?

    Morne V.
    ZA
    Morne V.

    There are two presentations of the trial balance: the pre-trial balance and the post trial balance. The distinction between the two is easily seen when preparing the '10 column worksheet', in the next topic. The post trial balance occurs after balance day adjustments.

    Sunday O.
    NG
    Sunday O.

    trial balance is knowing your debit and credit

    Billy Julius Capito M.
    GH
    Billy Julius Capito M.

    The purpose of the pre trial balance is to put togather the ledger total and balances to makes sure that the recording process is accurate.

    Billy Julius Capito M.
    GH
    Billy Julius Capito M.

    The purpose of the pre trial balance is to put togather the ledger total and balances to makes sure that the recording process is accurate.

    Thomas Haingura M.
    NA
    Thomas Haingura M.

    The purpose of the trial balance is to compile all the ledger account totals and balances in order to Confirm the accuracy of the recording process. Assets and expenses are listed in then debit column while revenue, liabilities and owners equity items are shown in the credit column. Negative items are also shown. Accumulated depreciation of non-current assets is shown on the credit side and drawings are shown on the debit side of the trial balance.

    Elizabeth A.
    NG
    Elizabeth A.

    Examples of errors not detected by trial balance: 1. A complete entry has been omitted from the ledger account 2. A amount has been placed in the wrong account, e.g $300 Paid wages should have been included as cleaning expense 3. A compensating error has been made for instance, both sales and purchase have been overstated by $100

    Odongo M.
    UG
    Odongo M.

    Accounting -> Preparation of reports: the trial balance The trial balance At the end of the accounting period ledger accounts are closed off if they are revenue or expense items, and balanced if assets, liabilities or owners equity items. There are two presentations of the trial balance: the pre-trial balance and the post trial balance. The distinction between the two is easily seen when preparing the '10 column worksheet', in the next topic. The post trial balance occurs after balance day adjustments. The purpose of the trial balance is to compile all the ledger account totals and balances in order to confirm the accuracy of the recording process. Assets and expenses are listed in then debit column while revenue, liabilities and owners equity items are shown in the credit column. Negative items are also shown. Accumulated depreciation of non-current assets is shown on the credit side and drawings are shown on the debit side of the trial balance. It is possible for the trial balance to balance and yet be incorrect. Recording errors will not necessarily be detected by carrying out a trial balance. Examples of errors not detected by a trial balance: a complete entry has been omitted from the ledger an amount has been placed in the wrong account. For example, $300 paid wages should have been included as cleaning expense a compensating error has been made. For instance, both sales and purchases have been overstated by $100 a money amount has been listed incorrectly debit and credit entries have been reversed. A debtor has paid us money, yet debtors are incorrectly debited and bank wrongly credited

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