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A Trial Balance contains the balances of :
- a)Only Personal and Real accounts
- b)Only Real and Nominal accounts
- c)Only Nominal and Personal accounts
- d)All accounts
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
A Trial Balance contains the balances of :a)Only Personal and Real acc...
Explanation:
A trial balance is a statement that lists all the balances of all the accounts in the ledger to check if the total of debits is equal to the total of credits.
All accounts include three types of accounts: Personal, Real, and Nominal. Therefore, a trial balance contains the balances of all accounts.
Types of accounts:
Importance of trial balance:
A trial balance is prepared to ensure the accuracy of the ledger accounts. It helps in identifying errors and omissions in the recording of transactions. If the total of debits and credits does not match, then it indicates that there is some error in the accounting records.
Conclusion:
In conclusion, a trial balance contains the balances of all accounts, including personal, real, and nominal accounts. It is an important tool in the accounting process that helps in detecting errors and ensuring the accuracy of accounting records.
A trial balance is a statement that lists all the balances of all the accounts in the ledger to check if the total of debits is equal to the total of credits.
All accounts include three types of accounts: Personal, Real, and Nominal. Therefore, a trial balance contains the balances of all accounts.
Types of accounts:
- Personal accounts: These accounts are related to individuals, firms, or organizations with whom a business has transactions. For example, accounts of debtors and creditors.
- Real accounts: These accounts are related to assets and liabilities of a business. For example, accounts of land, building, machinery, etc.
- Nominal accounts: These accounts are related to expenses, losses, incomes, and gains of a business. For example, accounts of salaries, rent, interest, commission, etc.
Importance of trial balance:
A trial balance is prepared to ensure the accuracy of the ledger accounts. It helps in identifying errors and omissions in the recording of transactions. If the total of debits and credits does not match, then it indicates that there is some error in the accounting records.
Conclusion:
In conclusion, a trial balance contains the balances of all accounts, including personal, real, and nominal accounts. It is an important tool in the accounting process that helps in detecting errors and ensuring the accuracy of accounting records.
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A Trial Balance contains the balances of :a)Only Personal and Real acc...
A trial balance is prepared to check the accuracy of all the accounts. It is prepared after ledger and ledger contain balances of all accounts and trial balance is prepared on the basis of ledger.Therefore trial balance contain the balances of all accounts
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A Trial Balance contains the balances of :a)Only Personal and Real accountsb)Only Real and Nominal accountsc)Only Nominal and Personal accountsd)All accountsCorrect answer is option 'D'. Can you explain this answer?
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