What is Trial balance ? Does the balancing of this ensure accuracy of books of accounts.

Explanation

Trial balance : It is a statement prepared with the help of ledger balances at the end of financial year to test the arithmetical accuracy of books of accounts. Balancing of trial balance does not ensure the accuracy of books of accounts.
Errors which remain undetected even if trial balance agrees:
(i) Error of omission : If a transaction remains unrecorded in journal or subsidiary books.
(ii) Error of commission : When wrong amount is entered either in journal or subsidiary books.
(iii) Compensating error : If the effect of one error is neutralised by the effect of some other error.
(iv) Error of principle : When fundamental principle of accountancy is violated while recording a transaction.