1.

What are the objectives of preparing trial balance (any two)?

Answer»

1. Test of arithmetical accuracy: Trial balance is the means by which the arithmetical accuracy of the book-keeping work is checked. 

2. Basis for preparing final accounts: Financial statements, namely, trading and profit and loss account and balance sheet are prepared on the basis of summary of ledger balances obtained from the trial balance.



Discussion

No Comment Found

Related InterviewSolutions