CONCLUSION OF TRIAL BALANCE

Trial Balance is the list of all general ledger accounts contained in your

business with a Beginning Balance, Debit/Credit , Ending Balance
The preparation of trial balance is a common practice before preparing the final
accounts of the company. It is in line with the maker and checker concept of Internal
control. Preparation of final accounts takes time, so the management can understand
the company's financial status via the trial balance until it is prepared. They can take
business decisions based on the trial balance generated as of date. Thus, it forms an
integral part of business accounting.
While the preparation of a trial balance is not a one-solution for detecting all accounting
errors, it is undoubtedly an essential step in the accounting process since the remaining
accounting exercises hinge on this process. It finds excellent use in real-life scenarios. For
example, banks and lending agencies may use it to understand the borrowing capacity of
a company and also its credibility. It is an essential procedure for the closure of books of
accounts, but it is not error free.