08 - The Trial Balance

Question 1

The Trial Balance (TB) is extracted when…

Answer 1

… all the accounts have been balanced off

Question 2

Definition | TB

1.
2.
3.
4.

Answer 2

• a list of all the debit and credit balances from the Nominal Ledger accounts
• check up: total of the debit balances = total of the credit balances // if not: double-entry book keeping procedures have not been carried out incorrectly
• NOT part of the double entry process
• convenient method of checking that all the transactions have been entered correctly