3.8 Trial Balance Flashcards
1
Q
What is balancing off?
A
- finding the difference the two sides of an account.
2
Q
What is trial balance?
A
Trial balance is essential to ensures the accuracy of the bookkeeping entries before preparing the financial statements.
3
Q
What is overcast?
A
Overcast is when the amount recorded in the accounts is more than the original amount.
4
Q
What is undercast?
A
Undercast is when the amount recorded in the accounts is the lower than the original amount.
5
Q
What are is advantage of trial balance?
a disadvantage?
A
Ad: Checks the arithmetical accuracy of the bookkeeping.
Dis : Does not identify all errors
