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What is Understanding Trial Balance Basics about?
A trial balance is a list of all debit and credit balances of ledger accounts at the end of a period, used to test the accuracy of double entries. It is prepared by extracting closing balances from ledger accounts and listing them in debit and credit columns, ensuring that the totals agree. However, a trial balance cannot detect all bookkeeping errors, and discrepancies may still exist even if the trial balance agrees.
- Author
- avatychan
- Language
- EN