A trial balance can only be accurately prepared on the first day of the accounting period before any new transactions have been entered.

Question

Quizplus · Accepted Answer

A trial balance can be prepared at any point in time, not just on the first day of the accounting period. However, it is recommended to prepare a trial balance regularly to ensure that the debit and credit balances in the ledger accounts are equal and to detect any errors or omissions in the recording of transactions.

A Trial Balance Can Only Be Accurately Prepared on the First