What is a trial balance accounting term?

Answer A trial balance is a listing of all the debit and credit entries for a period of time, such as a month. For example, account titles, such as cash and expenses, may be listed horizontally on the pag... Read More »

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What is an accounting balance sheet?

An accounting balance sheet is a financial statement used by accountants and business owners. A balance sheet gives an indication of a company's financial health. It also is referred to as a statem... Read More »

What is the meaning of the term accounting system?

Accounting systems are the primary data collection areas for many companies in today's business climate. Both financial and nonfinancial data may be stored and organized in the company's accounting... Read More »

What Does the Accounting Term GL Mean?

According to Dartmouth College, the accounting term GL stands for general ledger. A general ledger is a book that holds the individual accounting transactions of a company in a double-entry system ... Read More »

What does the accounting term""in the red""mean?

The term "in the red" means a company is in debt and owes money to the bank or its creditors. The phrase has been used to describe a business's financial problems since the 1920s.DefinitionAny busi... Read More »