A trial balance is a statement listing the balances of all ledger accounts at a specific date to check whether total debits equal total credits. It is an important step before preparing financial statements, but it does not by itself guarantee that there are no accounting errors. It mainly helps detect arithmetical imbalance in the books.
Turnover
Turnover can have different meanings depending on context, but it commonly refers either to total sales revenue or to the speed at which something...
Trust Account
A trust account is an account in which money is held by one party on behalf of another for a specific purpose. It is...
Treasury Stock
Treasury stock refers to a company’s own shares that were previously issued and later bought back by the company. These shares usually do not...
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