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If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.
Explain if the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records.
Explanation of Solution
Trial balance:
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements...
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