explain the objectives of trial balance
Any answer should always be short and sweet...
So, the objectives are-
1 Trial Balance acts as the first step in the preparation of financial statements. It is a working paper that accountants use as a basis while preparing financial statements.
2Trial balance ensures that for every debit entry recorded, a corresponding credit entry has been recorded in the books in accordance with the double entry concept of accounting.
3Trial balance ensures that the account balances are accurately extracted from accounting ledgers.
4Trail balance assists in the identification and rectification of errors.