Trial Balance
Accounting glossary · Understand, connect, apply
A trial balance lists ledger accounts and their debit or credit balances at a particular date to check that the totals agree.
Example
Debit balances totaling $18,000 should equal credit balances totaling $18,000 before further preparation of the financial statements.
Remember the difference
A balanced trial balance can still contain omitted entries, wrong accounts or equal offsetting errors.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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