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The purpose of a trial balance and explain the difference between a trial balance and a balance sheet. Explain the concept of error-free trial balancing and how to correct errors ina trial balance.The purpose of the trial balance is to ascertain the correctness of the double entry procedures use in the recording the journal. The balance sheet it issued to show the financial position of the firm as regarding its assets, capital, and liabilities for the year ending. If the journals entries are error free and the posting to the general journal was error free, the debits and the credits to be used in the trial balance should all balance. Any unbalanced figures can be corrected. First one is supposed to check the correct figures are entered, the trace the figures back to the ledgers to check for wrong entries (Heisinger & Hoyle, 2012). Description ofthe revenue recognition principle, and the matching principle. When is revenue recorded? When are expenses recorded?