Trial Balance

• A trial balance is used to check if debits equal credits, but it does not show whether accounts are balanced or unbalanced.
• Omission occurs when transactions are left out of the books.
• Errors can be classified as mathematical mistakes (e.g., adding two numbers incorrectly) or conceptual errors (e.g., recording expenses under assets).
• A trial balance is used to check if the debits equal credits, but it does not show whether there are errors or omissions.
• A trial balance is a statement of legder balances at a particular date.
• A trial balance is used to check the arithmetical accuracy of the double entry in the ledger and it assists with the preparation of the financial statements.