a statement of all the debit and credit balances in the ledger of a double-entry system, drawn up to test their equality
trial balance in American English
a statement of the debit and credit balances of all open accounts in a double-entry bookkeeping ledger to test their equality
trial balance in Accounting
(traɪəl bæləns)
Word forms: (regular plural) trial balances
noun
(Accounting: Financial statements)
A trial balance is a statement of all the credits and debits in a double entry accounting system, created in order to test that they are equal.
The trial balance consists of taking and listing every balance in the ledger at that date in orderto carry out an arithmetic check of the double entry system.
To test that the total of debits and credits in the accounts are equal, the accountantperiodically prepares a trial balance.
A trial balance is a statement of all the credits and debits in a double entry accounting system,created in order to test that they are equal.