Explain the term “trial balance” and its needs, accounting, Basic Statistics

Explain the term “Trial Balance” and its needs for an organization.

Ans. A Trial Balance is a statement of summarization of the all the involved ledgers accounts at the end of the particular period or a date in other words the total balances of an individual accounts are written in a summarized statement which is called the Trial Balance.

An organization needs a Trial Balance in order to prepare its Final Financial statement which is Balance Sheets, Profit & Loss Account and a Trading Account etc.
Posted Date: 3/26/2012 1:09:47 PM | Location : United States







Related Discussions:- Explain the term “trial balance” and its needs, accounting, Assignment Help, Ask Question on Explain the term “trial balance” and its needs, accounting, Get Answer, Expert's Help, Explain the term “trial balance” and its needs, accounting Discussions

Write discussion on Explain the term “trial balance” and its needs, accounting
Your posts are moderated
Related Questions
Modern hotels and certain establishments make use of an electronic door lock system. To open a door an electronic card is inserted into a slot. A green light indicates that the doo

Littlefield Laboratories is a state-of-the-art highly automated blood samples testing lab. The demand of blood sample testing for the previous 20 days (day 1 to day 20) are given i

EXERCISE 3-12 Computing Predetermined Overhead Rates and Job Costs [LO1,LO2, LO3, LO7] Kody Corporation uses a job-order costing system with a plantwide overhead rate based on ma

Administering agency solutions A professional specific by the Office of Economical Control to provide common management of economic sales action. An administering agency is also a

Bonded warehouse is a storage area under Customs authority that is imported dutiable goods on which duty is unpaid and these are stored. Once the duty & other charges are paid the

regression line drawn as Y=c+1075x, when x was 2 and y was 239, given that y intercept was 11. calculate the residual

How does skewness affect different areas of accounting?

The descriptive statistics outputs for both the variables are as below: Wii Group Mean 95.8 Standard

please break this problem down to laymen term so that I understand how you arrived at the answer. 1. AllElectronics caries 1000 products, P1, … P1000. Consider customers Ada, Bob,

1. (a) 'Statistics is the backbone of decision-making'. Describe.     (b) 'Statistics is as good as the user'. Describe. 2.  Differentiate between the following with example.