Asked by Vivian Terziario on Apr 26, 2024
Verified
Even when a trial balance is in balance, there may be errors in the individual accounts.
Trial Balance
A bookkeeping report that lists the balances in each general ledger account at a specific time, ensuring that debits equal credits.
Individual Accounts
Financial accounts that are owned by a single individual, as opposed to joint accounts owned by multiple parties.
- Understand the reasons a trial balance may still contain errors despite balancing.
Verified Answer
KR
Keerthikaa RamananApr 27, 2024
Final Answer :
True
Explanation :
While a balanced trial balance indicates that the total debits equal the total credits, it does not guarantee that there are no errors in individual accounts. It is still possible for errors such as transposition or omission of digits to occur within specific accounts, resulting in an overall balanced trial balance.
Learning Objectives
- Understand the reasons a trial balance may still contain errors despite balancing.