You will find that the trial balance is a very commonly used tool in nearly any accounting position. They are used throughout the accounting cycle for several purposes and can be very handy in identifying errors. The typical accounting cycle requires not just one but three separate trial balances! Since these tools are so handy, let's do a bit of research and learn more about them and how to use them.

In your initial post, address the following questions:

• What is the purpose of a trial balance?
• Identify the three types of trial balances prepared.
• Compare and contrast the three types.
• List three specific errors that a trial balance would detect.
• List three specific errors that a trial balance would not detect.

Answer rating: 100% (QA)

What is the purpose of a trial balance The purpose of a trial balance in accounting is to verify the accuracy and integrity of a companys financial records It provides a snapshot of all the ledger acc... View the full answer