The trial balance can serve as a replacement for the balance sheet,since debits must balance with credits.

Question

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The trial balance contains only the balances of accounts at a specific point in time, while the balance sheet shows the financial position of an entity at the end of an accounting period, including assets, liabilities, and equity balances. Additionally, the trial balance may not include all necessary adjustments, such as accruals and deferrals.

The Trial Balance Can Serve as a Replacement for the Balance