It is used to check the arithmetical accuracy of records and to prepare the financial statements. An audit starts by reconciling the financial statements to the trial balance and the trial balance to the general ledger.
Source: MSUGT
Related terms
Uniform chart of accountsThe chart of accounts used by taxpayers keeping books on a balance sheet basis, standardising the codes and names of accounts.Statutory booksBooks that must be kept under the Tax Procedure Law and the Turkish Commercial Code, such as the journal, general ledger, inventory book and resolution book.Completion accountsFinancial statements prepared as at the closing date of an acquisition, through which the final price is set by net debt and working capital adjustments.Accounting estimatesThe determination by management judgement of amounts that cannot be measured precisely, such as provisions, useful lives, expected credit losses and fair values.Accounting policiesThe specific principles, bases, conventions, rules and practices an entity applies in preparing its financial statements.Accrual basis of accountingThe principle of recording transactions as income, expenses, assets and liabilities in the period in which they occur, rather than when cash is received or paid.
Last updated: October 31, 2026 · This definition is for general information only.