trial balance

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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.

References in periodicals archive ?
Technology can be a valuable ally by eliminating the tedium of T-accounts and subsequent trial balances.
Trial balance, G/L, income statements and other reports print in user-defined batches.
Complete illustrative CAFR supported by the journal entries, trial balances, and conversion worksheet in appendices A, B, and C.
For example, one of our centers prepared the trial balances for a customer business area and forwarded these trial balances to another center for inclusion in one of the Military Department financial statements.
For example, she updated depreciation schedules and entered client trial balance information on the firm's software and updated tax library services that were not on CD-ROM.
Reports detail trial balances, delinquencies, insurance issues, bankruptcies and foreclosures, tax information and intricate software codes used by the RTC shop.
The trial balance produces the balance sheet and the income statement.
Houston-based Centage, a software integration partner of Best Software, developed LinkMaestro for MAS 90/200 to automate routine processes, including the transfer of the general ledger accounts and trial balances from MAS 90/MAS 200 into Budget Maestro.
On-screen reports were viewed and printed including trial balances, financial statements, payroll, and sales tax worksheets.
that bridges client trial balances to tax software.
The software should be able to --import data from trial balances of various formats, including leading audit and accounting packages.