Trial Balance
A listing of every ledger account and its closing balance, which should sum to zero (total debits equal total credits) and tie to the financial statements before any audit work begins on top of it.
Related terms
- Trade Payables Ageing
A breakdown of amounts owed to suppliers by how long they have been outstanding, used to assess liquidity risk and as a required disclosure under Schedule III of the Companies Act.
- Transfer Pricing Audit
An examination of international and specified domestic transactions between associated enterprises, to confirm pricing is at arm's length as required under the Income Tax Act.
- Unmodified Opinion
The audit opinion issued when the financial statements give a true and fair view in all material respects — commonly called a "clean" opinion.
- Useful Life
The period over which an asset is expected to be available for use, or the number of production units expected from it — the basis for the depreciation charge.
Browse every term
231 terms in total, or go deeper with working procedures and worked examples in the resource library.