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Trail Balance and Guidelines for Revenue Recoginition

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A. What is a trial balance? What is its purpose?

B. Describe the three important guidelines for revenue recognition.

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A. What is a trial balance? What is its purpose?

Trail Balance:
In accounting, the trial balance is a worksheet listing the balance at a certain date, of each ledger account in two columns, namely debit and credit. Under the double-entry system, in any transaction the total of any debits must ...

Solution Summary

The solution clearly explains the concept of Trail Balance and also explains the guidelines for Revenue Recoginition