Trial Balance Definition

What is a Trial Balance?

A Trial Balance is a list of all the account balances in the accounting records and is used to check the correctness of the bookkeeping entries.

Under the method for every debit there should be a credit so a list of all the balances in the accounting records should balance.

Until a Trial Balance balances you cannot start the preparation of the Financial Statements. It should be noted that although a Trial Balance may in fact balance, there may still be errors in the accounting records.

For further information on a Trial Balance

Learn a new bookkeeping term

Random bookkeeping terms for you to discover.

Link to this page

Click in the box and paste the link to your site.

Return to the Dictionary

Trial Balance Definition March 23rd, 2016Team

You May Also Like

Related pages

fixed manufacturing overheadpresent value of a future annuity calculatorgross profit inventory methoddepreciation expense calculatorhow to keep a ledger for a small businessannual perpetuity formulaprepaid expenses examplesample general ledger chart of accountscost of goods sold ending inventoryjournal and ledger examplesis commission a variable costmark up ratiotrial balance accounting definitionpoc accountingaccounting worksheet template exceleffective interest amortization methodaccrual adjusting entriespv of a perpetuityfixed assets turnover formulahow to amortize bond premiumsalvage value equationnet realisable value methodroce accountingequation for depreciationwhat is closing entries in accountingjob costing formatclosing entry for dividendssimplified bookkeepingpetty cash report formatcontinous compounding formulayield to maturity formula excelis prepaid insurance a current assetcapital lease journal entries lessortotal variable costs formulafixed asset turnover ratio interpretationtimes interest ratio formulaaccounting excel templatehow to calculate pv of annuityformula for future value of annuity duefv of an annuitydays sales in receivable formulapetty cash ledgerformula for future value of an annuitycredits and debits for dummiesunadjusted trial balance worksheetexample accounting worksheetdegree of operating leveragecalculating present value of annuitywhat is nrv in accountingdefinition of prepaid expenseshow to establish a petty cash fundjournal entry for salary paid to employeesoverhead spending variancean accrued expenserecording accounts payablefactory overhead cost formulameaning of eomcompute gross marginadjusting trial balance exampleprice markup calculatorequation for ending inventoryvariable overheadsformula for markup on costaccounting payback periodnet realisable value methodbalance sheet ratio analysis exampleaccounting general ledger examplesdefinition bookkeepingwhat is the formula for retained earningsthe accounting equation is defined aspresent value of increasing annuitycoupon rate bond calculatorfuture value of annuity dueannuity calculation formulacost accounting absorptiondiscount allowed journal entrymarkup calculator percentagereceivables examplespetty cash countexample of accounting cyclenotes payable debit or creditformula for depreciation straight line methodbad debt provision journal