Register now or log in to join your professional community.
All as per the Ledgers in a firm books of accounts.
Liabilities are obligations of the company. They can be thought of as a claim against a company's assets.
Examples of liability accounts reported on a company's trial balance include:
Notes Payable -Accounts Payable -Salaries Payable -Wages Payable -Interest Payable -Other Accrued Expenses Payable -Income Taxes Payable -Customer Deposits -Warranty Liability -Lawsuits Payable -Unearned Revenues -Bonds Payable..... Etc.
Liability accounts will normally have credit balances.
Must be all balance of All debit and credit accounts not matter it is liability or asset or what else.
As is it is shown by its name "Trial balance" so it is a trial to detect any mathematical errors that have occurred in the double-entry accounting system. Provided the total debts equal the total credits, the trial balance is considered to be balanced, and there should be no mathematical errors in the ledgers.
in case company didn't run any type of liability during the year so RESERVES only must be in trial balance
Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.