- *accounts in a *general ledger. Under the conventions of *double entry bookkeeping, transactions are recorded through corresponding *debit and *credit entries of equal value. A trial balance is a means of establishing the accuracy of the *accounting equation, under which the total of debit entries equals the total of credit entries. However, while the trial balance indicates the arithmetical balancing of the general ledger’s debit and credit entries, it does not indicate whether individual accounting entries have been *posted to correct accounts. Financial statements can be prepared from an *extended trial balance, which records adjustments and reclassifications made to a basic trial balance.
Auditor's dictionary. 2014.
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Trial balance — Tri al bal ance (Bookkeeping) The testing of a ledger to discover whether the debits and credits balance, by finding whether the sum of the personal credits increased by the difference between the debit and credit sums in the merchandise and… … The Collaborative International Dictionary of English
trial balance — n. a statement of the debit and credit balances of all open accounts in a double entry bookkeeping ledger to test their equality … English World dictionary
Trial balance — In accounting, the trial balance is a worksheet listing the balance at a certain date, of each ledger account in two columns, namely debit and credit. Under the double entry system, in any transaction the total of any debits must equal the total… … Wikipedia
Trial Balance — A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. A company prepares a trial balance periodically, usually at the end of every reporting period. The general purpose of producing a trial… … Investment dictionary
trial balance — a list of all balances in the ledger at a given time. Glossary of Business Terms * * * trial balance trial balance ➔ balance1 * * * trial balance UK US noun [C, usually singular] (ABBREVIATION t.b.) ACCOUNTING ► in double entry bookkeeping, the… … Financial and business terms
trial balance — A listing of the balances on all the accounts of an organization, with debit balances in one column and credit balances in the other. If the rules of double entry book keeping have been accurately applied, the totals of each column should be the… … Accounting dictionary
trial balance — A listing of the balances on all the accounts of an organization, with debit balances in one column and credit balances in the other. If the rules of double entry book keeping have been accurately applied, the totals of each column should be the… … Big dictionary of business and management
trial balance — Fin a list of account balances in a double entry accounting system. If the records have been correctly maintained, the sum of the debit balances will equal the sum of the credit balances, although certain errors such as the omission of a… … The ultimate business dictionary
trial balance — noun a balance of debits and credits in double entry bookkeeping; drawn up to test their equality • Hypernyms: ↑balance … Useful english dictionary
trial balance — / traɪəl ˌbæləns/ noun the draft calculation of debits and credits to see if they balance … Marketing dictionary in english