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
Ledger
A ledger is a book or digital record containing all financial transactions of a business, organized ...
Debit
In banking, a debit is a transaction that decreases the balance in your account. On your bank statem...
Credit
In banking, a credit is a transaction that increases the balance in your account. On your bank state...
Journal Entry
A journal entry is the record of a financial transaction in an accounting system. It specifies the a...
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