Question
Download Solution PDFThe statement containing various ledger balances on a particular date is known as
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Trial Balance.
Key Points The statement containing various ledger balances on a particular date is known as a trial balance. It is a list of all the accounts in a company's ledger, along with their debit and credit balances as of a specific date. The purpose of a trial balance is to check the arithmetic accuracy of the ledger by ensuring that the total debits equal the total credits.
A trial balance is typically prepared at the end of each accounting period, such as the end of the month or the end of the year. It is an important tool for accountants because it helps to identify any errors in the ledger before they are able to affect the financial statements
Last updated on May 25, 2025
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