Asked by Baylee Johnson on Jul 13, 2024
Verified
A trial balance can still balance even if an entry is posted to the wrong account.
Trial Balance
An accounting report listing all the balances in each general ledger account at a point in time, used to verify the accuracy of bookkeeping entries.
Balance
The amount of money present in an account or the difference between the total debits and credits in an account.
Wrong Account
An error where financial transactions are recorded in an incorrect account, potentially affecting the accuracy of financial statements.
- Acquire knowledge about the critical function and execution of trial balances in the context of the accounting cycle.
Verified Answer
VS
victoria saintilJul 19, 2024
Final Answer :
True
Explanation :
A trial balance checks the sum of debits against the sum of credits, so an entry posted to the wrong account can still keep the overall balance if the debits equal the credits.
Learning Objectives
- Acquire knowledge about the critical function and execution of trial balances in the context of the accounting cycle.