The Trial Balance (Junior Cert Business Studies): Flashcards
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15 cards from this deck
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Practise the cards
15 cards from this deck
Trial balance definition
Trial balance definition
List of balances from general ledger & analysed cash book
Trial balance step in accounting process
Trial balance step in accounting process
Third step
Trial balance structure
Trial balance structure
Three columns: Details, Dr, Cr
Where debit balances go in trial balance
Where debit balances go in trial balance
Debit column
Where credit balances go in trial balance
Where credit balances go in trial balance
Credit column
Three reasons for preparing trial balance
Three reasons for preparing trial balance
Error detection, verification, foundation for statements
Bank balance in trial balance?
Bank balance in trial balance?
Included from analysed cash book (not in ledger)
What 'extracting' a trial balance means
What 'extracting' a trial balance means
Taking balances from ledger & listing in trial balance format
What equal trial balance columns indicate
What equal trial balance columns indicate
Double-entry bookkeeping done correctly
Example of mathematical error in trial balance
Example of mathematical error in trial balance
Adding up figures incorrectly when calculating balances
Wrong side placement error
Wrong side placement error
Putting debit in credit column or vice versa
Missing balances error
Missing balances error
Forgetting to include an account balance
Debit bank balance meaning
Debit bank balance meaning
Positive balance - money in the bank
Credit bank balance meaning
Credit bank balance meaning
Negative balance - overdraft situation
Three fundamental accounting steps
Three fundamental accounting steps
- Cash book 2. Post to ledger 3. Extract trial balance