A summary of all the financial data in the account ledgers that ensures the figures are correct and balanced is called trial balance.
It all depends. Companies can use trial balances to keep track of their financial position, so they may prepare various types of trial balances throughout the fiscal year. All major accounting items, such as assets, liabilities, equity, profits, expenses, gains, and losses, may be included in a trial balance.
A trial balance is a summary of all financial records in the account ledgers that ensures the figures are accurate and balanced. If the data in the account ledgers is incorrect, the bookkeeper must correct it before trying to prepare the firm's financial statements.
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