Question on: SS1 Accounting - Uses of Trial Balance

How does the trial balance help ensure the accuracy of financial statements?

 

View related lesson
Ask EduPadi AI for a detailed answer

The trial balance ensures the accuracy of financial statements by verifying that the total debits in the accounting records equal the total credits. If the debits do not equal the credits, there must be an error somewhere in the records. By identifying the error, accountants can correct it and ensure that the financial statements accurately reflect the company's financial position.

Add your answer

Notice: Please post responsibly.

Please share this, thanks!

No responses