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Features or Characteristics of a Trial Balance

  • It is a list of balance of all ledger accounts and the cash book.
  • It is neither a part of double entry system, nor does it appear in the actual books of accounts, it is just a working paper. It is just a statement, and not an account.
  • It is always prepared on a particular date and not for a particular period and can be prepared at any time during the accounting period. Say, at the end of every month, every quarter, every half year or every year.
  • It is prepared to check the arithmetical accuracy of the ledger accounts.

Note: A tallied Trial Balance does not necessarily mean that all accounts prepared are accurate. There are some errors, like compensating errors that do not reflect on the Trial Balance

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