Ask Question
BusinessBusiness
1 June, 09:29

The agreement of the trial balance total is an indication that all transactions have been properly recorded in the books of accounts do you agree justify your answer

+3
Answers (1)
  1. 1 June, 11:46
    0
    Answer: I did not agree that the agreement of trial balance is an indication that all transactions have been properly recorded in the books of account. it only means that certain types of errors have not been made.

    Explanation:

    Trial balance is an account prepared in order to test the arithmetical accuracy of entries in the ledger account. When a double entry principle has been observed then the total of debit entry must equal the total of credit entry in the trial balance. The balancing of the two sides of the trial balance does not mean that the account is correct. It means that certain types of errors have not been made. In the sense that there are several types of error which will not affect the balancing of trial balance such as the compensating error, error of original entry, error of omission, error of commission and so on will not affect the balancing of trial balance.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The agreement of the trial balance total is an indication that all transactions have been properly recorded in the books of accounts do you ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
For the following accounts, indicate what causes the account to increase and decrease. The first account is completed as an example. (Abbreviation used: OH=overhead.) (Click on the icon to view the accounts.
Answers (1)
What are considered part of a country's infrastructure?
Answers (1)
Which of the following entries or sets of entries would record sales for the month of july of $200,000 for goods costing $119,000 for?
No Answers
Clark corporation has an average collection period of 7 days, an inventory conversion period of 30 days, and a payables deferrable period of 60 days. what is clark's cash conversion cycle?
Answers (1)
A factory costs $300,000. You forecast that it will produce cash inflows of $90,000 in year 1, $150,000 in year 2, and $240,000 in year 3. The discount rate is 11%. a. What is the value of the factory? (Do not round intermediate calculations.
Answers (1)
New Questions in Business
Olivia's employer deducts an amount from her paycheck for the Medicare program. What type of withholding is being deducted from Olivia's paycheck? A) tax exemption B) local withholding C) state withholding D) Social Security withholding
Answers (1)
A popular variation of the accounts receivable turnover is the a. credit risk ratio. b. concentration of credit risk. c. bad debts ratio. d. average collection period.
Answers (1)
When Japan exports goods to the United States, which Country shows a balance of payments credit
Answers (1)
Love Company's accounting records show an after-closing balance of $42,100 in its Retained Earnings account on December 31, 2018.
Answers (1)
g If government spending rises at the same time it reduces tax rates, then:Group of answer choicesbusiness investment will likely fall. crowding out will never occur. interest rates will never rise. business investment will likely rise.
Answers (1)
Home » Business » The agreement of the trial balance total is an indication that all transactions have been properly recorded in the books of accounts do you agree justify your answer
Sign Up Forgot Password?