100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
The Trial Balance R50,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. Dainfern College
  4.  
  5. Economic Management Sciences

Visual

The Trial Balance
 1388 views  10 purchases

A brief and easy-to-learn from summary of the trial balance and how to complete it. Ideal for 8th & 9th graders starting out with accounting. Includes: - an explanation of the purpose and completion of a trial balance - examples

Preview 1 out of 2  pages

Document information

  • April 4, 2015
  • 2
  • 2014/2015
  • Visual
  • Study notes

Subjects

Written for

All documents for this subject (4)

Seller

avatar-seller
Erin_vdH

Reviews received

Content preview

The purpose of a trial balance is to make sure that there have not been
any errors in the recording process thus far. These errors may include:

 Incorrect adding in a journal
 Incorrect posting in the general ledger
 If the double entry principle was not adhered to
 Transposing figures (e.g. writing 98 as opposed to 89)

Not all errors will show up in a trial balance. The errors that will not show
up may include:

 If the mistake occurred on the source document
 If a transaction was not recorded at all or
 If posting was done to the incorrect ledger account (but still on the
correct side)
 If the incorrect amount is posted to both accounts

The information in the balance sheet section of the general ledger is
carried forward to the balance sheet section in the trial balance.

The information in the nominal account section of the general ledger is
carried forward to the nominal account section of the trial balance.

The accounts in the trial balance section should be in the same order as
they appear in the general ledger.
The purpose of a trial balance is to ensure the accuracy of the double entry
principle in the general ledger (every credit has an equal debit and every debit
has an equal credit)

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Erin_vdH. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

53022 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 14 years now

Start selling
R50,00  10x  sold
  • (0)
Add to cart
Added