Question

Fill in the blanks with correct alternative and rewrite the statements :

A Trial Balance is generally prepared at the end of each _______.
a) month
b) half year
c) financial year
d) specific

Answer 1

A Trial Balance is generally prepared at the end of each financial year.

Explanation:
A Trial Balance may be prepared at the end of every month, quarter, half –yearly or yearly. But generally, it is prepared at the end of each financial or accounting year in order to ascertain the arithmetical accuracy of all ledger accounts. A Trial Balance acts as a basis for the preparation of final accounts.