Draft initial trial balance is a key part of the Processing Bookkeeping Transactions course’, Accounting Trainees must know how to prepare one correctly.
You have reached the final lesson of the FREE Processing Bookkeeping Transactions Course and you should have read the pages listed below before reading this page:
Welcome to the Draft Initial Trial Balance.
It is essential that the Accounting Trainees and Bookkeeper be able to prepare and understand the draft initial trial balance. Essentially an initial trial balance is a list of all the debit and credit balances of every account (including the cash book and petty cash book) in the general ledger, and a check that they equal each other. In other words an initial trial balance is a check on the accuracy of the double entry bookkeeping system.
Exam questions on the initial trial balance are very popular with examiners, particularly questions when the initial trial balance does not balance. In other words there is an error in the double entry and the examiner will expect you to find it.
On page 210 of your tutorial textbook there is a check list to undertake on ‘how to find error(s) if the initial trial balance doesn’t balance’.
Below is a power point presentation looking at some of the topics we have covered in this course.
This now completes the Free online course in Processing Bookkeeping Transactions and we hope that you enjoyed it.
Good luck in your Bookkeeping and Accounting examinations. Now try the quiz below on ‘draft initial trial balance’ to test your knowledge of the initial trial balance.
Below is the link to Amazon for the course books:
QUIZ: Draft Initial Trial Balance.
Leaderboard for the initial trial balance1. Gk-36 Points
2. -36 Points
3. -36 Points
4. -36 Points
5. as-36 Points