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What is difference between trail balance and adjusted trail balance?
The major differences between trail balance and adjusted trail balance are as follows −
Ledger account balance complied without any period-end adjustments.
It is prepared first.
It is account balances.
To check the arithmetical accuracy of ledger.
Checkbooks of accounts are balanced.
It is less accurate.
Only one version prepared.
It is prepared in columnar format.
Adjusted trail balance
It is compiled after necessary adjustments are made at the close of the accounting period.
It is prepared after the unadjusted trail balance is prepared.
It includes necessary adjustments.
To check the accounting accuracy of the books of accounts.
Adjustments are made according to accounting standards and principles.
It is more accurate.
It can have multiple versions.
It has a columnar format with additional columns for adjustments.
- What is difference between trail balance and balance sheet?
- What is difference between trail balance and general ledger?
- Prepare vertical balance sheet for the following trail balance.
- Identify the errors and prepare the corrected trail balance.
- What is adjusted trial balance?
- What is difference between consolidate balance sheet and balance sheet?
- What is difference between balance sheet and income statement?
- Distinguish between trial balance and balance sheet
- What is difference between cash flow statement and balance sheet?
- What is difference between fund flow statement and balance sheet?
- Given an example for adjusted trial balance
- How are entries recorded in adjusted trial balance?
- What is unadjusted trial balance?
- Using the below trail balance, prepare income statement for the start-up company ABC as on 31st April XXXX