Trial Balance

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Definition: Trial Balance

Trial Balance
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Full Definition of Trial Balance

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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https://payrollheaven.com/define/trial-balance/
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Trial Balance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
May 18, 2024 https://payrollheaven.com/define/trial-balance/.
Chicago Manual of Style (CMS):
Trial Balance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd.
https://payrollheaven.com/define/trial-balance/ (accessed: May 18, 2024).
American Psychological Association (APA):
Trial Balance. PayrollHeaven.com. Retrieved May 18, 2024
, from PayrollHeaven.com website: https://payrollheaven.com/define/trial-balance/

Definition Sources

Definitions for Trial Balance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 11th August, 2022 | 0 Views.