ASSESSMENT Definition

Bookmark and Share

ASSESSMENT is a. proportionate share of a shared expense; or, b. amount of tax or other levied special payment due to a governmental municipality or association.

Learn new Accounting Terms

STATUTORY is relating to or created by statutes.

TRIAL BALANCE is a listing of the accounts in your general ledger and their balances as of a specified date. A trial balance is usually prepared at the end of an accounting period and is used to see if additional adjustments are required to any of the balances. Since the basic accounting system relies on double-entry bookkeeping, a trial balance will have the same total debit amount as it has total credit amounts.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.