Why is it important to use the trial balance in accounting?
Why is it important to use the trial balance in accounting?
Homework Answers
Trial Balance is the Statement from which all the elements of financial statements i.e. Income Statement, Statement of Retained Earnings and Balance Sheet are prepared.
Trial Balance lists the ending balance of all the ledger accounts in one statement to facilitate preparation of Income Statement, Statement of Retained Earnings and Balance Sheet.
Without Trial Balance, we shall be required to open each ledger account separately to know its ending balance which will be a tedious task. That's why it is important to use the trial balance in accounting.
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