Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 8 - No. 35)
What is the difference between a trial balance and a balance sheet?
The balance sheet lists all accounts, while the trial balance only lists the ones with balances.
The trial balance lists all accounts, while the balance sheet only lists the ones with balances.
A trial balance lists account balances on a specific date, while a balance sheet presents a financial snapshot.
A balance sheet presents a financial snapshot, while a trial balance shows the profitability of the company.
Explanation
A trial balance is used in the process of creating the balance sheet.
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