Question

Answer in only one sentence :

What is a Trial Balance?

Answer 1

A Trial Balance is a statement showing a summary of debit and credit balances of all the Ledger Accounts. It is prepared to check the accuracy of the transactions posted. All the accounts showing debit balances are recorded in the debit column and the accounts showing credit balances are recorded in the credit column. The total of the debit column matches the total of the credit column in order to ascertain the arithmetical accuracy of each ledger account.