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The standard bank confirmation is used by the auditor to test for lapping.
Account Balance
The amount of money in a financial repository, such as a checking or savings account, at any given moment.
Trial Balance Column
A report that lists the balances of all general ledger accounts at a particular point in time, serving as a tool for verifying the total debits equal total credits in the accounting system.
Trial Balance Preparation
The process of compiling the balances of all ledgers into debit and credit columns to ensure that the total debits equal total credits in financial accounting.
Account Balance
The sum of money available in a financial account at a specific moment.
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