trial balance

n. A statement of all the open debit and credit items in a double-entry ledger, made to test their equality.

trial balance

n (Accounting & Book-keeping) accounting a statement of all the debit and credit balances in the ledger of a double-entry system, drawn up to test their equality

tri′al bal′ance

n. (in bookkeeping) a statement of open debit and credit items, made before balancing a double-entry ledger.

Thesaurus

Noun

trial balance - a balance of debits and credits in double-entry bookkeeping; drawn up to test their equalitybalance - equality between the totals of the credit and debit sides of an account

Translations

trial balance

Trial balance

Prepared at the close of an accounting period, it is a record of general ledger account titles with their respective debit and credit balances.

trial balance

a listing of the balances on a firm's LEDGER accounts that is prepared prior to the PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, as an initial check on the arithmetic accuracy of the ledger accounts.

If the total of all DEBIT balances in ledger accounts equals the total of all CREDIT balances in ledger accounts then this suggests (but does not guarantee) that the DOUBLE-ENTRY ACCOUNTS have been accurately recorded and that the data from them might be used to prepare the profit-and-loss account and balance sheet.

AcronymsSeeTB

trial balance

Related to trial balance: balance sheet

noun

Words related to trial balance

noun a balance of debits and credits in double-entry bookkeeping

Related Words

balance

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