Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 12 - No. 24)
What is the purpose of balancing accounts?
To summarize the transactions for a period
To find the difference between the debit and credit sides
To check for errors
All of the above
Explanation
Balancing accounts assists in summarizing transactions, finding the difference (the balance) between the debit and credit sides, and serves as a way to check for mathematical errors.
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