Question Details

What is a trial balance and balance sheet

asked : 1 year, 17 days ago Business, Finance & Projects

Visitor 1543242482 posted an answer
1 year, 10 days ago

a statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
Visitor 1544548159 posted an answer
11 months, 25 days ago

A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account column totals that are equal at the end of the accounting period.
The trial balance shows the following
1) shows if the general ledger is in balance (total debits equal total credits) before making closing entries.
2) serves as a worksheet for making closing entries.
3) provides the basis for making draft financial statements at the end of each accounting period.


A balance sheet is a statement of the financial position of a business which states the assets, liabilities and owner's equity at a particular point in time. In other words, the balance sheet illustrates your business's net worth.
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