Alerts Wishlist Cart

What is the relationship between the trial balance and the final accounts?

Practice Questions

Q1
What is the relationship between the trial balance and the final accounts?
  1. The trial balance is prepared after the final accounts
  2. The trial balance is a summary of the final accounts
  3. The trial balance is used to prepare the final accounts
  4. There is no relationship

Questions & Step-by-Step Solutions

What is the relationship between the trial balance and the final accounts?
  • Step 1: Understand what a trial balance is. It is a list of all the account balances from the general ledger.
  • Step 2: Know that the trial balance shows whether the total debits equal the total credits.
  • Step 3: Recognize that the trial balance is prepared at the end of an accounting period.
  • Step 4: Learn that the final accounts include the income statement and the balance sheet.
  • Step 5: Understand that the trial balance provides the necessary information to prepare the final accounts.
  • Step 6: Conclude that the trial balance acts as a summary of all account balances that will be reported in the final accounts.
No concepts available.
Biology (School & UG)
Biology (School & UG)
Chemistry (School & UG)
Chemistry (School & UG)
Civil Engineering
Civil Engineering
Commerce & Accountancy
Commerce & Accountancy
Computer Science & IT
Computer Science & IT
Current Affairs & GK
Current Affairs & GK
Data Structures & Algorithms
Data Structures & Algorithms
eBooks
eBooks
Electrical & Electronics Engineering
Electrical & Electronics Engineering
English (School)
English (School)
General Aptitude
General Aptitude
General Knowledge
General Knowledge
General Knowledge & Current Affairs
General Knowledge & Current Affairs
Languages & Literature
Languages & Literature
Law & Legal Studies
Law & Legal Studies
Major Competitive Exams
Major Competitive Exams
Mathematics (School)
Mathematics (School)
Mechanical Engineering
Mechanical Engineering
Medical Science
Medical Science
Physics (School & Undergraduate)
Physics (School & Undergraduate)
Quantitative Aptitude & Reasoning
Quantitative Aptitude & Reasoning
Social Science (School)
Social Science (School)
Technical
Technical
Verbal and Reasoning
Verbal and Reasoning
Vocational & Skill Development
Vocational & Skill Development
Soulshift Feedback ×

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?

Not likely Very likely