A listing of the general ledger accounts
with respective balances. All accounts with
debit balances are totaled separately from
accounts with credit balances. The two
should be equal. Trial balances are taken as
a partial check of mathematical accuracy of
posted entries. The trial balance
demonstrates solely the mathematical
correctness of the general ledger but does
not guarantee the accuracy of recorded
items, nor does it ensure that such items
have been properly entered. For example,
discrepancies may exist if a transaction was
(a) never entered, (b) posted twice, or (c)
posted in reverse. Figure A.10 depicts a
trial balance within the overall accounting
system for a brokerage prior to the
preparation of financial statements.
Looking to Buy or Sell Luxury
Real Estate In Toronto, North York, Thornhill,
Woodbridge, Vaughan, Richmond Hill, Aurora, King
City and beyond...visit LuxuryBroker.ca
Mortgages247.ca 2011 Apply Online without Blackouts Mortgages247.ca is designed to provide competent and
reliable information regarding the subject matter covered. However it is
provided, free of charge, with the understanding that the authors are not
engaged in rendering legal, financial or other professional advice. Law and
practice often vary from province and province and if legal or other expert
assistance is required, the services of a professional should be sought. The
authors specifically disclaim any liability that is incurred from the use or
application of the contents of this website.
