Difference Between Trial Balance And Balance Sheet
In this blog post, we will find the answer to the Question, “What is the Difference Between Trial Balance And Balance Sheet ? Also Check Out, “ Difference Between Ledger And Bank Reconciliation ” 1. Trial Balance shows Arithmetic Accuracy of different types / kinds of Accounts’ Balances transferred from concerned Ledgers while Balance Sheet is a Statement of Financial Position and shows the Equality of Assets with Liabilities And Equity on a Particular Time or in other words it shows Accounting Equation that is Assets = Liabilities + Owner’s Equity. 2. Trial Balance is the 4 th Step of Accounting Cycle while Balance Sheet is the 5 th Step of Accounting Cycle so Trial Balance comes first while Balance Sheet comes later on and hence any errors and mistakes in Trial Balance will also transferred to Balance Sheet. 3. Trial Balance is prepared by the Accounting Department of the company and it is showed only to the Internal M...