Term of the Day

For Friday, July 3, 2009

trial balance

Definition

In double entry bookkeeping, 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.



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trial balance is...

... in the Accounting & Auditing subject.

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