Asked by Drishana Pillay on Jul 17, 2024
Verified
Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.
Posting
The process of recording financial transactions in the ledger of an accounting system, an essential step in the accounting cycle.
Transaction
A business event or exchange between two or more parties that has a financial impact on the accounts of the entities involved.
Trial Balance
A bookkeeping report that lists the balances of all ledger accounts at a specific point in time, used to verify the mathematical accuracy of the accounts.
- Identify the circumstances under which errors can persist in a trial balance despite a balance being achieved.
Verified Answer
ED
Ethel DaileyJul 22, 2024
Final Answer :
False
Explanation :
A trial balance checks the sum of debits against the sum of credits. Posting a transaction to the wrong account does not affect the total balance of debits and credits, as long as the error is consistent on both sides of the transaction.
Learning Objectives
- Identify the circumstances under which errors can persist in a trial balance despite a balance being achieved.