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After journalizing and posting all entries in the ledgers the bookkeepers prepare the trial balance.
Objective of trial balance. The trial balance is prepared to achieve the following objectives. The nominal purpose of a trial balance is to ensure that the total debits equal the total credits. After journalizing and posting all entries in the ledgers the bookkeepers prepare the trial balance.
Preparing the trial balance is the third step of the accounting process. The Trial balance helps in the process of audit in which it is analyzed as an overview and helps in highlighting of errors. The following are the important objectives of trial balance.
Amongst the main objective of the trial balance is ensuring that the sum total of all the debits is equal to the sum total of all the credits. Trial balance is neither a final report nor an official financial statement. A trial balance lists the ending balance in each general ledger account.
Objectives of Preparing Trial Balance 1 Ascertainment of the Arithmetical Accuracy. The purpose of a trial balance is to ensure that all entries made into an organizations general ledger are properly balanced. Preparing the trial balance is the third step of the accounting process.
Objectives of Trial Balance There are many objectives of the Trial balance which includes below. The practical reason is to list the balances of accounts for a worksheet. One of the main objectives of the trial balance is to ensure that the total of all debits equals the total of all the credits.
The total of debit side shall be equal to the credit side for the trial balance to get tallied. I To ascertain arithmetical accuracy. Trial balance helps a professional accountant to balance or check both debit and credit items of income expenses assets and liabilities are correctly recorded or posted.
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