CA Foundation Exam > CA Foundation Videos > Principles and Practice of Accounting > Trial Balance
Trial Balance Video Lecture | Principles and Practice of Accounting - CA Foundation
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68 videos|160 docs|83 tests
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FAQs on Trial Balance Video Lecture - Principles and Practice of Accounting - CA Foundation
| 1. What is a trial balance in accounting? |  |
Ans. A trial balance is a statement that lists all the general ledger accounts and their balances at a specific point in time. It is prepared to ensure that the debits equal the credits and to detect any errors or discrepancies in the accounting records.
| 2. How is a trial balance prepared? | |
Ans. To prepare a trial balance, all the ledger accounts are listed, and their debit and credit balances are recorded. The debit balances are listed in one column and the credit balances in another column. The total of both columns should be equal if the books of accounts have been accurately recorded.
| 3. What is the purpose of a trial balance? | |
Ans. The main purpose of a trial balance is to verify the accuracy of the accounting records. It helps in identifying any errors or discrepancies in the recording of transactions. Additionally, it provides a basis for preparing financial statements and ensures that the debits and credits are in balance.
| 4. What happens if the trial balance does not balance? | |
Ans. If the trial balance does not balance, it indicates that there are errors in the accounting records. The errors could be mathematical mistakes, posting errors, or incorrect account balances. In such cases, the accountants need to review the entries and make the necessary corrections to ensure the trial balance balances.
| 5. Can a trial balance guarantee that the financial statements are accurate? | |
Ans. No, a trial balance cannot guarantee the accuracy of financial statements. While a balanced trial balance indicates that the debits and credits are equal, it does not ensure the correctness of individual transactions or account balances. Additional review and analysis are required to ensure the accuracy of the financial statements.
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Nov 21, 2024 Last updated |
Video Description: Trial Balance for CA Foundation 2024 is part of Principles and Practice of Accounting preparation.
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Video Lecture & Questions for Trial Balance Video Lecture | Principles and Practice of Accounting - CA Foundation - CA Foundation full syllabus preparation | Free video for CA Foundation exam to prepare for Principles and Practice of Accounting.
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