One of the objective of preparing Trial Balance is to help locate ___________.

clerical errors

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financial statements

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difference between ledger and journal

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none of the above

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Solution

The correct option is B clerical errors
The prime objective of preparation of trial balance is to ensure the posting of all transactions. If trial balance agrees, it proves that the books are arithmetically correct. If trial balance does not agrees, there are possibilities of clerical error in the books of account.
Locating clerical error is one of the basic objective of preparation of trial balance.

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Similar questions

Q. Preparation of a trial balance helps in locating __________.

Give one word, term or phrase for the following statement:

1) A List of Debit Balances and Credit balances in the ledger.
2) A Statement prepared to provide the base for preparing the final accounts.
3) A statement is prepared without balancing the ledger account.
4) Mention the side where goodwill A/c is appeared in the Trial Balance.
5) A List of both Ledger balances which is prepared after the closing of ledger Accounts.

Q. The preparation of a trial balance helps in locating ______________.

Q. The preparation of a trial balance is for locating -

Q. The preparation of a trial balance is for locating ________________.

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