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What is the primary purpose of the trial balance?
Practice Questions
Q1
What is the primary purpose of the trial balance?
To prepare financial statements
To ensure debits equal credits
To calculate net income
To record transactions
Questions & Step-by-Step Solutions
What is the primary purpose of the trial balance?
Steps
Concepts
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: Add up all the debit balances from the accounts.
Step 4: Add up all the credit balances from the accounts.
Step 5: Compare the total debits to the total credits.
Step 6: If the total debits equal the total credits, it means the accounts are balanced.
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