The Trail Balnce Flashcards
What is the trail balance ?
A list showing the balance brought down on each ledger account
What does the trail balance check?
It’s a check to ensure that the total debits equal the total credits, and therefore the total of the trail balance columns should balance
What doesn’t the trail balance confirm?
That the account debited or credited is correct
When is the trail balance produced?
Immediately after the double entry has been completed and balances extracted on the accounts
What does the first column of the trail balance confirm?
The name of the ledger account
Where will the balance will located on the ledger account?
Either the debit or credit coloum
What will happen if the double entry has been completed correctly?
The totals of the debits will equal the totals of the credit
What does drafting a trail balance ensure?
Ensuring the double entries have been correctly completed.
