GD Accounting Glossary
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Trial Balance

A listing of every ledger account with its balance — total debits must equal total credits.

The trial balance lists all ledger accounts and their balances at a point in time. Because of double entry, total debits must equal total credits; if they don\'t, an error exists somewhere.

It\'s the pre-flight check accountants run before producing financial statements — balanced books are necessary, though not sufficient, for correct reports.

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