Business, Legal & Accounting Glossary
At the close of an accounting period, the transactions posted in the ledger are added up. A test or trial balance sheet is prepared with assets on one side and liabilities and capital on the other. The two sides should balance. If they don’t, the accountants must search through the transactions to find out why. They keep making trial balances until the balance sheet balances.
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This glossary post was last updated: 25th March, 2020