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Categories >> Accounting >> Accounting General
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
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 Accounting General interview questions  Accounting General Interview Questions (2781)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
Why do we prepare trial balance?
 Question Submitted By :: Asma Tabassum
I also faced this Question!!     Rank Answer Posted By  
 
  Re: Why do we prepare trial balance?
Answer
# 1
the steps wise prepare the trial balance:

For each ledger account -- Cash, Accounts Payable, etc. --
total your credits and debits.
If the credit total is larger, subtract the debit total
from the credit total to get your ledger account total
which goes in the credit column of the trial balance
If the debit total is larger, subtract the credit total
from the debit total to get your ledger account total which
goes in the debit column of the trial balance
Put the ledger account total in the credit or debit column
of your trial balance (as identified above).
When you have debit or credit totals for each ledger
account, add all of your credit totals to get a credit
grand total.
Add all of your debit totals to get a debit grand total.
This is your trial balance.
 
Is This Answer Correct ?    6 Yes 4 No
Jitu
 
  Re: Why do we prepare trial balance?
Answer
# 2
FROM THE LEDGER WE PREPARE THE TRIAL BALANCE AND TO GET THE
FINAL A/C WE PREPARE THE TRIAL BALANCE AND IT ALSO INCLUDES
ADJUSTMENTS.FROM THE FINAL A/C WE GET TO KNOW THE POSITION
OF OUR BUSINESS AND WECAN IMPROVE OUR POSITION IN A
COMPETETIVE WORLD.
 
Is This Answer Correct ?    19 Yes 0 No
Jubeda
 
 
 
  Re: Why do we prepare trial balance?
Answer
# 3
FROM THE LEDGER WE PREPARE THE TRIAL BALANCE AND TO GET THE
FINAL A/C WE PREPARE THE TRIAL BALANCE AND IT ALSO INCLUDES
ADJUSTMENTS.FROM THE FINAL A/C WE GET TO KNOW THE POSITION
OF OUR BUSINESS AND WECAN IMPROVE OUR POSITION IN A
COMPETETIVE WORLD.
 
Is This Answer Correct ?    9 Yes 3 No
Jubeda
 
  Re: Why do we prepare trial balance?
Answer
# 4
to know the arthametic accurecy 
Is This Answer Correct ?    19 Yes 0 No
Roshan
 
  Re: Why do we prepare trial balance?
Answer
# 5
TO KNOW THE ARTHEMATICAL ACCURACY OF THE LEDGER POSTINGS 
Is This Answer Correct ?    11 Yes 1 No
Suraj
 
  Re: Why do we prepare trial balance?
Answer
# 6
Trial balance is prepared to know the arithmatic accuracy
of financial statement.
 
Is This Answer Correct ?    8 Yes 2 No
Komali
 
  Re: Why do we prepare trial balance?
Answer
# 7
Trial Balance is prepared to check the arithmatic accuracy
of the accounts.
 
Is This Answer Correct ?    4 Yes 2 No
Surabhi Gupta
 
  Re: Why do we prepare trial balance?
Answer
# 8
From Trail balance we calculate gross profit or
loss...which transfer to P&l a/c.
Inthis direct expence is included
 
Is This Answer Correct ?    3 Yes 2 No
Mahi Kaka
 
  Re: Why do we prepare trial balance?
Answer
# 9
Trial Balance is prepared to know the Arithmetical Accuracy
of ledger accounts. We can prepare Profit and Loss A/c
(Financial result)and Balance sheet (Financial Position
)based on Trial Balance.
 
Is This Answer Correct ?    6 Yes 0 No
Balraj
 
  Re: Why do we prepare trial balance?
Answer
# 10
trail balance is prepared to know the arithmetic accuracy of hte ledger 
Is This Answer Correct ?    3 Yes 2 No
Sohail
 

 
 
 
Other Accounting General Interview Questions
 
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What are the following types of accounts falls under in Accountancy? Can you please classify the following whether they are nominal ,real or personal account ? 1)sales tax account 2)Debtors account/Creditors account 3)Bank Overdraft account 4)Bills Payable Account/Bills receivable Account 5)Stationery Account 6)Purchase account 7)Loan Account Infosys 2
 
For more Accounting General Interview Questions Click Here 
 
 
 
 
 


   
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