Asked by Jeremy Dyzenhaus on Jun 20, 2024
Verified
If the trial balance is in balance, it can be assumed that all journal entries were posted correctly and no errors were made.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check for errors in the double-entry system.
Journal Entries
The record of financial transactions in an accounting system, used to transfer information to the ledger, showing detailed information regarding date, accounts affected, and amounts.
Posted Correctly
The action of accurately recording transactions in the appropriate accounts in an accounting system.
- Recognize and comprehend mistakes within the accounting procedures and their impact on the financial reports.
Verified Answer
AG
Ashley Gomez
Jun 22, 2024
Final Answer :
False
Explanation :
A trial balance only confirms that the total debits equal the total credits, but it does not guarantee that all journal entries were posted correctly or that no errors were made. There could still be errors of omission, errors of commission, or errors of original entry that cancel each other out in the trial balance.
Learning Objectives
- Recognize and comprehend mistakes within the accounting procedures and their impact on the financial reports.