What is the purpose of the trial balance in the context of final accounts?

What is the purpose of the trial balance in the context of final accounts?

Step 1: Understand that a trial balance is a list of all the accounts in the accounting system.
Step 2: Know that each account has a balance that can be either a debit or a credit.
Step 3: The purpose of the trial balance is to check that the total debits equal the total credits.
Step 4: If the totals match, it indicates that the accounts are in balance and there are no major errors.
Step 5: Once the trial balance is confirmed, it is used to prepare the final accounts, like the income statement and balance sheet.

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