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To determine the ledger account balances.
Main purpose of trial balance. Basically it is an account that lists the closing balance of each account on the respective debit or credit side. Trial balance is the records of the entitys closing ledgers for a specific period of time. The accounts reflected on a trial balance are related to all major accounting.
Normally the entity records its daily business transactions in general ledgers. This is the only main purpose of the Trial Balance. The main aim of preparing a trial balance is to ensure that the bookkeeping system is mathematically correct.
The purpose of a trial balance is to ensure that all entries made into an organizations general ledger are properly balanced. A trial balance is a report that lists the balances of all general ledger accounts of a company at a certain point in time. The main purpose of a trial balance is to ensure that the list of credit and debit entries in a general ledger are mathematically correct.
So what is a trial balance. The purpose of a trial balance in accounting is to help a business correct inaccuracies before the information is transferred to a financial statement. Since it is anyhow prepared for a purpose it is put to some other uses like being used in the preparation of final accounts etc.
According to Investopedia it is an in-house report usually in the form of a spreadsheet generated at the end of every accounting period. The general purpose of producing a trial balance is to ensure the entries in a companys bookkeeping. A trial balance is like a bookkeeping worksheet the company prepares at the end of the financial year.
The total dollar amount of the debits and credits. The zero items are not usually included. The trial balance is recorded under debit and credit columns while a balance sheet ideally displays total assets liabilities and stockholders equity.
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