What does TB mean in ACCOUNTING

Trial Balance is a financial statement that lists the balances of all accounts in a company's general ledger at a specific date. It is used to ensure that the debits equal the credits for all accounts in order to determine whether there are any errors or omissions in the data entries at the end of an accounting period.

All accounts from the general ledger are typically included in a trial balance. These would include asset, liability, revenue, expense, and equity accounts.

Usually trial balance can be produced at any point during an accounting period but it is mostly completed before issuing a company's financial statements at the end of each period.

The trial balance serves multiple purposes including confirming account balances and discovering differences that can indicate errors or omissions within the system. Additionally, it helps identify underlying issues within different parts of an organization's books and provides guidance on areas that may need adjustment or further investigation by management or audit committees.

No. Unlike income statements which show an organization's performance over one particular period, trial balance shows all account balances rather than profits made within a certain period of time.