Interpreting a trial balance
ID:CVITTB
Video Overview
If you are up to the stage of interpreting a trial balance then you should have a good knowledge of the subsidiary journals, the postings that are then made into the general ledger, and that the trial balance is simply an index of accounts and their balances that make up the general ledger. But now that you have prepared the trial balance and it is sitting in front of you, how do you go about interpreting it? This tutorial has been prepared with that very question in mind. The trial balance can be used to determine not only the amounts or balances of each account, but it can also be used to determine gross and net profit of the business so that wise decisions can be made for the successful financial future of that business.
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