The trail balance is used to prepare statement of financial position while the general ledger is used to prepare the income statement.

Name: The trail balance is used to prepare statement of financial position while the general ledger is used to prepare the income statement.
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The trail balance is used to prepare both the statement of financial position and the income statement, while the general ledger is a complete record of all the company's accounts and transactions.

The Trail Balance Is Used to Prepare Statement of Financial