Trial Balance

A trial balance is a financial statement that summarises all of a company's account balances, helping to ensure accuracy by comparing total debits with total credits.

A trial balance is a financial statement that provides balance information for all accounts by listing their opening and closing balances, debit and credit balances, together with their net difference.

It lists all the general ledger accounts of a company along with their respective debit or credit balances.

Prepared at the end of an accounting period, the trial balance verifies the mathematical accuracy of the accounting records by ensuring that the total debits equal the total credits.

Serving as a preliminary step in the preparation of financial statements, it helps in identifying errors and discrepancies in the accounting records that may require further investigation and correction.