trial balance

Popular Terms
Accounting: The aggregate of all debit and credit balances at the end of an accounting period that (1) shows if the general ledger is in balance (total debits equal total credits) before making closing entries, (2) serves as a worksheet for making closing entries, and (3) provides the basis for making draft financial statements.

Use 'trial balance' in a Sentence

To keep a good trial balance you must try and keep great records of all the comings and goings of the money your business has.
20 people found this helpful
I approved of the trial balance as we had performed all of the necessary calculations in our new accounting books.
19 people found this helpful
When you are trying to see how well your business did in the last quarter looking at the trial balance gives a good idea.
17 people found this helpful

Email Print Embed

Mentioned in These Terms