Trial Balance

A trial balance is a list of all ledger accounts and their balances at a point in time. It is used to confirm that total debits equal total credits.

Trial balances help identify posting errors before financial statements are prepared. They are a key step in the accounting close process.

Related Terms

A ledger is a book or digital record containing all financial transactions of a business, organized ...

In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...

In banking, a credit is a transaction that increases the balance in your account. On your bank state...

A journal entry is the record of a financial transaction in an accounting system. It specifies the a...

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