Accounts preparing question about final accounts

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Difference between Balance Sheet and Trail Balance according to international accounting standards.

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Best Answer by Sharath Reddy
Answered By 0 points N/A #98752

Accounts preparing question about final accounts

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Good day user Sardar 83

I hope this helps you, I'm great in this field because I'm an accountant myself. 🙂

A Trial balance sheet is an internal document, It's a list of all the accounts and their balances in the general ledger at a point in time such as 31 July 2011. The reason of a trial balance is to verify that the total debit amounts is equal to the total credit amounts

The Balance sheet is a financial statement that shows the amounts of assets, liabilities and owners equity at a point in time such as 31 July 2011. 

Because it is a financial statement, it will be distributed and used outside of the accounting department. 

It should be prepared with generally accounting principles..

 

 

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Best Answer
Answered By 563025 points N/A #98754

Accounts preparing question about final accounts

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The information you are seeking has something to do with accounting jobs and or bookkeeping tasks.

A Trial Balance is a bookkeeping worksheet where the balances of all the ledgers are collected into 2 columns, namely Debit and Credit.

This is prepared by companies from time to time usually at the end of every period like for example, every month or each quarter of the year. The general purpose of producing a trial balance is to ensure the entries in a company's bookkeeping system are mathematically correct.

On the other hand, a Balance Sheet is a kind of financial statement that sum up the company’s assets, liabilities, and or shareholder’s equity at a specific point in time. These 3 parts of the balance sheet gives the investor an idea as to what the company owns, owes, and the amount of the shareholder’s investment.

This financial statement has this formula to follow: Assets = Liabilities + Shareholders' Equity.

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