A trial balance, when it is not in balance, proves A. Some transactions missing from the ledger. B. All transactions have not been posted. C. Mathematical inequality of debits and credits in the ledger. D. All transactions have been recorded incorrectly.

A trial balance, when it is not in balance, proves A. Some transactions missing from the ledger. B. All transactions have not been posted. C. Mathematical inequality of debits and credits in the ledger. D. All transactions have been recorded incorrectly.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A trial balance, when it is not in balance, proves

A. Some transactions missing from the ledger.

B. All transactions have not been posted.

C. Mathematical inequality of debits and credits in the ledger.

D. All transactions have been recorded incorrectly.

E. None of the above.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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