The trial balance does exactly the same, the word trial means a test of the performance, qualities, or suitability of someone or something. As we are testing the suitability of the accounts for the preperation of financial statements with the help of balances it is called trial balance. read more
Neither the unadjusted trial balance nor the adjusted trial balance is a financial statement and neither trial balance is distributed to anyone outside of the accounting and auditing staff. In other words, the trial balance is an internal document. read more
Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. It is usually prepared at the end of an accounting period to assist in the drafting of financial statements. read more