Methods of Preparing Trial Balance Homework Answers
Trial balance sheets can be done in mainly two methods. The methods of preparing trial balance homework answers are quite simple. Just follow the steps given below. There are namely two methods which are the totals method and balances method.
The totals method can also been known as the gross method. Here, the two sides of the ledger accounts will be summed up. Later on, a list of all these accounts will be prepared in a separate sheet with two columns for amount on the right side. One will be used to fill up the debit amounts and the other one is to fill the credit amounts. Finally, the total sum of the debit amount and the credit amount will be written at the bottom of the respective columns. Finally these values are check if they if they are in agreement or not. This method is not in practice, as of now
This, method is also known as net trial balance method. As the name suggests, the values are shown in the trial balance. The debit balances will be mentioned in the ‘debit amount’ column and the ‘credit balance in the ‘credit amount’ column .Now the two columns will be added separately to check if they are in agreement or not. This is the method that is popularly in use, and pretty comfortable to keep track on. By following these methods of preparing trial balance homework answers, you will be able to get a clear idea of what they actually do and it is much easier than the other method.
Other than these two, there is a third method called the compound method, which is not quite familiar for most of them. It is a combination of both the methods and hence it is known as total cum balance method.
What is the use of the trial balance?
- It helps in checking if the credits and the debits are equal. Both arithmetic and mathematic accuracy will be considered as the prime factors to evaluate this condition.
- It provides a whole lot of information, by serving as the base for preparing the final accounts.
- It summarizes all the financial transactions made in a business.
- It helps to easily locate the errors by showing where the error has exactly started to occur.
The above mentioned, are the two main uses of the trial balance. To be precise, the trial balance is an informative accounting process, which helps to compare the total debit balance and the credit balance, at any point of time given. Students majoring in Accounting, have to get a strong grip on this area, since it plays a major role in their future career, if at all they prepare to find a job in Financing and Accounting.
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