What is trial balance?

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Trial balance is the list of closing balances of ledger accounts on the certain date and is the first step toward  the preparation of financial statements. Ledger balances are segregated into debit balances and credit balances.
definition of trial balance
The debit balance amount are listed in column with the heading debit balances and the credit balances amounts are listed in another column with the heading credit balances. The total of each of these two columns should be identical.

Author: amidu edson

I am certified accountant with more than 5 years of teaching experience. Currently am teaching auditing and assurance, management accounting and financial accounting for student preparing for professional exams such as ACCA and CPA.

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