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Overview of a Trial Balance

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Question

Is it correct to say that trial balance facilitates the preparation of financial statement ?

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Solution

Yes, trial balance helps in preparing the financial statements by making available the balances of all the accounts at one place.

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Similar questions

Q. A Trial Balance facilitates smooth preparation of ______________.

Q. What is the correct sequence of the following action required for the preparation of Final Accounts?
(1) Preparation of Trial Balance
(2) Balancing of Accounts
(3) Preparation of Annual Financial Statements
(4) Marking Adjusting Entries
Select the correct answer from the codes given below:-

Q. The correct sequence in preparation of periodical financial statement would be :

1.

Preparation of balance sheet

2.

Preparation of cash flow statement

3.

Preparation of trial balance

4.

Preparation of Profit and Loss A/c
Select the correct answer from the option given below.

Q. The preparation of financial statements pre-supposes the availability of trial balance in ________ system of accounting.

Is it correct to say that a trial balance is only a prima facie evidence of arithmetical accuracy of records ?

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