Lesson 8:: Ledger and Trial balance

Trial Balance vs Balance Sheet
Caption: The trial balance and balance sheet are two different financial statements used in accounting. The trial balance is prepared at the end of an accounting period and lists all the accounts in the general ledger with their respective debit or credit balances to ensure their accuracy. On the other hand, the balance sheet is prepared at the end of the accounting period and provides a snapshot of a company's financial position, showing its assets, liabilities, and equity. While the trial balance is an internal document used by accountants to ensure accuracy, the balance sheet is an external document used to report a company's financial position to stakeholders.
Keywords: Trial balance, balance sheet, accounting, financial statements, accuracy, general ledger, assets, liabilities, equity, snapshot, financial position, stakeholders, internal document, external document.
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