What name is given to the list of all the accounts contained in the ledger of a business and their values, from which most financial reports are produced?
Trial balance Trial balance A trial balance is a list of all the general ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance. The debit balance values will be listed in the debit column of the trial balance and the credit value balance will be listed in the credit column. The trading profit and loss statement and balance sheet and other financial reports can then
Chart of accounts account is unique, which allows its ledger to be located. The list is typically arranged in the order of the customary appearance of accounts in the financial statements: balance sheet accounts followed by profit and loss accounts. Each account in the chart of accounts is typically assigned a name and a unique number by which it can be identified. Software for some small businesses, such as QuickBooks, may not require account numbers. Account numbers are often five or more digits in length with each digit representing a division of the company, the department, the type of account, etc. The first