Accounts Quote by Lita Epstein
““a trial balance is. Basically it’s a worksheet or report that lists all of the accounts in the general ledger, the monthly summary of account totals, and their year-to-date balances.””
About This Quote
Source Book: Accounting Fundamentals, 2020
A trial balance summarizes all ledger accounts and their balances for a period.
In simple terms: It lists account totals and year‑to‑date balances.
Key Takeaway
Use it to verify accounting accuracy.
Themes
accounting
financial reporting
control
Mood
analytical
methodical
Type
technical
educational
When to use this quote
- monthly close
- audit preparation
- financial analysis
Key Concepts
ledger
balance sheet
reconciliation
Questions to Reflect On
- How do you ensure all transactions are recorded?
- What errors can a trial balance reveal?
A Different Perspective
Only as accurate if all entries are posted correctly.
