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The trial balance
Understand that a trial balance is a summary of account balances as of a specific date. Describe the purposes and drawbacks of a trial balance. Create a trial balance based on a provided list of balances and correct a trial balance that has mistakes. Recognize and clarify errors that do not impact the trial balance, including commission, compensating, complete reversal, omission, original entry, and principle errors.
1
Objectives
10
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7
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46 min
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CambridgeIGCSEAccountingVerification of accounting records
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- Understand that a trial balance is a summary of account balances as of a specific date. Describe the purposes and drawbacks of a trial balance. Create a trial balance based on a provided list of balances and correct a trial balance that has mistakes. Recognize and clarify errors that do not impact the trial balance, including commission, compensating, complete reversal, omission, original entry, and principle errors.
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