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 ?
Trial balance, G/L, income statements and other reports print in user-defined batches.
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.
Reports detail trial balances, delinquencies, insurance issues, bankruptcies and foreclosures, tax information and intricate software codes used by the RTC shop.
Period Of Performance: Contingent Upon The Tribe Providing The Auditor With A Final Trial Balance For The Tribal Government No L
Beginning trial balances, preclosing trial balances, and ending trial balances for each of the funds for which illustrative journal entries are provided in Appendix A.
Expanded support for general ledger and trial balance software in business modules; inclusion of links that update tax programs to reflect changes made in accounting software; ability to carry forward links from year to year.
The contractor shall draft the Foundation financial statements and related notes based on detailed trial balances and supplementary schedules provided by the Foundation.
This service will allow customers to view past and open invoices, download an invoice in a printable format, view aged trial balances, and pay bills online.
It also prints trial balances and a user-defined financial statement.
Preparation of monthly trial balances and accounting reports for the project;
data, P&L, trial balances, payroll and the Decision Support System;
Such presentations blur the distinction between financial statements and trial balances because they contain attributes of both andhave the potential to mislead or confuse users who may make decisions based on them.