Asked by
Shaquille Bedminster
on Nov 14, 2024
Verified
A trial balance does not prove that all transactions have been recorded or that the ledger is correct.
Trial Balance
A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure a company's bookkeeping system is mathematically correct.
Transactions
Financial activities that involve the exchange of assets, services, or liabilities between two parties.
Ledger
An accounting book or computer file for recording and totaling economic transactions measured in terms of a monetary unit and categorized by account type.
- Identify the critical role and value of a trial balance in the process of accounting.
- Evaluate the completeness and accuracy of accounting records.
Verified Answer
TD
Learning Objectives
- Identify the critical role and value of a trial balance in the process of accounting.
- Evaluate the completeness and accuracy of accounting records.