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The trial balance

WAEC Financial Accounting Revision Notes

  • Recording Transactions
  • SS1 · First Term
  • 3 min read
  • Checked by imtiaz ahmed

What a trial balance is, how to prepare one from ledger balances, its uses, and what it can and cannot prove.

In these notes
  1. What a trial balance is
  2. Which side?
  3. Errors and the trial balance
  4. Steps when it does not agree
  5. Preparing a trial balance
  6. Key points

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Practise this topic

All Financial Accounting notes
  1. SS1
    1. Foundations of Accounting
      1. Introduction to accounting
      2. Transactions and the equation
      3. Books of account: the ledger and the journal
    2. Recording Transactions
      1. Double entry book-keeping
      2. Balancing ledger accounts
      3. The trial balance
      4. Source documents
      5. Subsidiary books
      6. Classification of accounts and the ledger
      7. Opening entries
    3. Cash and Bank
      1. Single and two column cash books
      2. The three column cash book and discounts
      3. The petty cash book and imprest system
      4. The bank account and its operations
      5. Bank reconciliation statement
    4. Errors and Control Accounts
      1. Errors and the trial balance
      2. Correction of errors and suspense accounts
    5. Final Accounts of a Sole Trader
      1. The trading account
      2. The profit and loss account
      3. The balance sheet
  2. SS2
    1. Foundations of Accounting
      1. Accounting concepts and conventions
    2. Errors and Control Accounts
      1. Control accounts
    3. Final Accounts of a Sole Trader
      1. Special transactions, bad debts and closing entries
      2. Provision for doubtful debts
      3. Provision for discounts
      4. Accruals and prepayments
      5. Final accounts with adjustments
    4. Fixed Assets and Stock
      1. Depreciation of fixed assets
      2. Stock valuation
      3. Capital and revenue expenditure
      4. Disposal of fixed assets
    5. Specialised Accounts
      1. Departmental accounts
      2. Manufacturing accounts
      3. Joint venture accounts
      4. Consignment accounts
    6. Incomplete Records and Non-Profit Organisations
      1. Single entry and statement of affairs
      2. Incomplete records
      3. Receipts and payments accounts
      4. Income and expenditure accounts
    7. Interpretation, Public Sector and Data Processing
      1. Introduction to accounting ratios
  3. SS3
    1. Specialised Accounts
      1. Branch accounts
    2. Partnership Accounts
      1. Partnership agreement, capital and current accounts
      2. Final accounts of a partnership
      3. Admission of a partner and goodwill
      4. Dissolution of a partnership
    3. Company Accounts
      1. Introduction to company accounts
      2. Final accounts of limited liability companies
      3. Issue of shares and debentures
      4. Purchase of a business
    4. Interpretation, Public Sector and Data Processing
      1. Interpretation of financial statements
      2. Public sector accounting
      3. Introduction to data processing

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