Definitions for trial balance
tri·al bal·ance

Princeton's WordNetRate this definition:0.0 / 0 votes

1. trial balancenoun

   a balance of debits and credits in double-entry bookkeeping; drawn up to test their equality

WiktionaryRate this definition:0.0 / 0 votes

1. trial balancenoun

   A statement of the balances of all nominal accounts in a double-entry ledger, made to test their equality. The total value of the debits should equal the total of the credits any difference indicates that an error has been made.

WikipediaRate this definition:0.0 / 0 votes

1. Trial balance

   A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the same balance.

ChatGPTRate this definition:0.0 / 0 votes

1. trial balance

   A trial balance is a statement in the field of accounting that provides a comprehensive listing of all the general ledger accounts along with their respective debit or credit balances at a specific point in time. It is used to verify the mathematical accuracy of financial transactions by ensuring that the total debits equal total credits. The trial balance acts as the first step in the preparation of financial statements, assisting in identifying any errors before the final reports are made.

WikidataRate this definition:0.0 / 0 votes

1. Trial balance

   A Trial Balance is a list of all the General ledger accounts contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The profit and loss statement and balance sheet and other financial reports can then be produced using the ledger accounts listed on the trial balance. The name comes from the purpose of a trial balance which is to prove that the value of all the debit value balances equal the total of all the credit value balances. Trialing, by listing every nominal ledger balance, ensures accurate reporting of the nominal ledgers for use in financial reporting of a business's performance. If the total of the debit column does not equal the total value of the credit column then this would show that there is an error in the nominal ledger accounts. This error must be found before a profit and loss statement and balance sheet can be produced.

Matched Categories

1. • Balance

How to pronounce trial balance?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say trial balance in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of trial balance in Chaldean Numerology is: 4

2. Pythagorean Numerology

   The numerical value of trial balance in Pythagorean Numerology is: 8

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=trial balance
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Trial_Balance
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Trial_Balance
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=trial balance