Trial balance
An accounting report listing ledger balances to check that total debits and credits agree before financial statements are prepared.
Related terms
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Debit balance
An account balance showing money is owed from that account. In a director’s loan account, it commonly means the director owes money to the company.
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Balance sheet
A snapshot of a business’s assets, liabilities and equity at a particular date. It helps show the financial position, not just cash in the bank.
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Turnover
The total income generated from sales or services before costs and expenses are deducted.
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