The document discusses the trial balance, which is a statement that balances ledger accounts as of a particular date. A trial balance is generally prepared at the end of the year to check the arithmetical accuracy of accounts and ensure debits equal credits. Errors can be classified as those disclosed or not disclosed by the trial balance, and include errors of omission, commission, principle, calculation, posting, and amounts. Suspense accounts and correcting entries are used to fix errors, while computerized packages like Tally and SAP have been introduced for accounting.

1. BY
PUJA JENA (14MFC008)
PRITISHA PRIYADARSHINI (14MFC016)
INSHA KANUNGO (14MFC024)
LALIT PRASAD PATRA (14MFC032)
MILAN SARANGI (14MFC040)

2. The Trial Balance is a statement of ledger
account which balances as on a particular
instance.

3. To check the arithmetical accuracy.
To check if , Debits = Credits.

4. Generally prepared at the end of the year.
Theoretically it can be prepared as and when
needed.

5. Balance Method
Total Method
Balance Totals Method

6. Errors can be classified into:
- Errors that are not disclosed by Trial Balance.
- Errors that are disclosed by Trial Balance.

7. Errors of Omission
Errors of Commission
Errors of Principle
Compensating Errors
Errors of Original Entry
Errors of Complete Reversal

8. Errors of calculation
Posting to wrong side of an account
Errors in amounts
Recording half an entry

9. Correcting Errors
Suspense Account

10. Computerized Packages introduced
Tally- Most basic
SAP- Most Detailed