The main reason an accountant would conduct a trial balance is to:
A)Determine whether account figures in the ledger are correct and balanced.
B)Obtain an estimate of the amount of taxes the firm owes.
C)Ensure the audit was done correctly.
D)Verify the validity of last year's balance sheet before beginning the next accounting cycle.

Question

Quizplus · Accepted Answer

The primary purpose of a trial balance is to test the equality between the debits and credits recorded in the general ledger. This helps accountants identify any errors or discrepancies that need to be corrected before finalizing financial statements.

The Main Reason an Accountant Would Conduct a Trial Balance