Trial balance - JSS3 Business studies Past Questions and Answers - page 1

To prepare tax returns

To verify the accuracy of ledger balances

To calculate employee salaries d

To record daily transactions

Error detection

Preparation of financial statements

Verification of accounting equation

Processing payroll

Accounts Payable

Owner's Equity

Inventory

Salaries Expense 

Assets, Liabilities, Equity, Income, Expenses

Revenue, Expenses, Assets, Liabilities

Assets, Liabilities, Equity

Cash, Accounts Payable, Owner's Capital

Prepare financial statements

Classify balances into debit and credit columns

List all ledger accounts

Calculate total debits and credits

As assets or liabilities 

As debit or credit balances

As expenses or revenues

As cash or non-cash items

Revenue

Salaries Expense

Accounts Receivable

Cost of Goods Sold

The account has a surplus 

The account has a deficit

The account is an expense

) The account is a liability

Total Debits and Credits

Verify Equality

Prepare financial statements

Classify Balances

Cash Flow Statement

Balance Sheet

Income Statement

Statement of Retained Earnings