Definition of Trial balance. Meaning of Trial balance. Synonyms of Trial balance

Here you will find one or more explanations in English for the word Trial balance. Also in the bottom left of the page several parts of wikipedia pages related to the word Trial balance and, of course, Trial balance synonyms and on the right images related to the word Trial balance.

Definition of Trial balance

Trial balance
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 other impersonal accounts equals the sum of personal debits. The equality would not show that the items were all correctly posted.

Meaning of Trial balance from wikipedia

- A trial balance is an internal financial statement that lists the adjusted closing balances of all the general ledger accounts (both revenue and capital)...
- payable, etc. The extraction of account balances is called a trial balance. The purpose of the trial balance is, at a preliminary stage of the financial...
- first "balancing" of books, or the balance sheet financial statement in accounting is to check iterations (trial balance) to be sure the equation above applies...
- to the trial balance stage, from which an accountant may prepare financial reports for the organisation, such as the income statement and balance sheet...
- and credits the receivable in the journal entry. The ending balance on the trial balance sheet for accounts receivable is usually a debit. Business organizations...
- statements. All the figures in the trial balance are rearranged to prepare a profit & loss statement and balance sheet. Accounting standards determine...
- compressed format generating analysis account trial balance or consolidated analysis account trial balance generating user-defined financial and management...
- accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual...
- balance. The double entry system uses nominal ledger accounts. From these nominal ledger accounts, a trial balance can be created. The trial balance lists...
- a journal. They are then transferred to a ledger and balanced in a Trial Balance. These final tallies are prepared for a specific period. The preparation...