It is a check on the accuracy of posting. If the trial balance agrees it proves...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
It is a check on the accuracy of posting. If the trial balance agrees it proves that - 1. The books are arithmetically accurate 2. Both the aspects of the transactions have correctly recorded in the books of original entry as well as in the ledger. The correct answer is_ A B C D 1 but not 2 2 but not 1 Both 1 & 2 Either 1 or 2 It is a check on the accuracy of posting. If the trial balance agrees it proves that - 1. The books are arithmetically accurate 2. Both the aspects of the transactions have correctly recorded in the books of original entry as well as in the ledger. The correct answer is_ A B C D 1 but not 2 2 but not 1 Both 1 & 2 Either 1 or 2
Expert Answer:
Answer rating: 100% (QA)
The trial balance is prepared to fulfill the followin... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A firm has 1 million shares of common stock outstanding with a book value of $5 per share. The firm also has total assets with a book value of $10 million. There is no preferred stock. What are the...
-
A firm has 1 million shares of common stock outstanding with a book value of $15 per share. The firm also has total assets with a book value of $20 million. There is no preferred stock. What are the...
-
The company had 50,000 shares of common stock outstanding throughout the year. In addition, as of January 1, the company had issued 100 convertible bonds ($1,000 face value, 10%). The company has no...
-
During February, Vargas Company worked on three jobs. Data relating to these three jobs follow: Overhead is assigned on the basis of direct labor hours at a rate of $5.30 per direct labor hour....
-
What is the work when a gas expands from 3.00 L to 12.60 L against an external pressure of 0.888 atm?
-
Part of your company's accounting database was destroyed when Godzilla attacked the city. You been able to gather the following data from your files. Reconstruct the remaining information. Using'"...
-
Andrew Reitz established a trust in 2000, naming his sons, James and John, as sole beneficiaries and himself as trustee. Upon Andrews death, Hal Rachal Jr., the attorney who drafted the trust, became...
-
Danny Venable, the new controller of Seratelli Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. Here are his findings: All...
-
3. If the policy proposed in question 2 is adopted, analyze the potential effects of this policy on the demand for workers under the age of 65. That is, if employers who want their employees to be...
-
Software Haven sells a software package that is available in three editions. The application should display the price of the edition a customer wants to purchase. The retail prices for the Ultimate,...
-
Courts are bound by the Restatement of Torts, once it is published. True or False
-
a cash-basis individual, wins a $1m lottery price and becomes entitled to the prize on August 1. Con has until September 30 to choose either 20 annual payments of $50,000 each or a lump-sum payment...
-
Raffy deposited $5000 in an investment account for 3 months. The account paid simple interest at a rate of 2.4 percent. What is the future value of his investment?
-
The wiring in a house must be thick enough so it does not become so hot as to start a fire. Part A What diameter must a copper wire be if it is to carry a maximum current of 30 A and produce no more...
-
Six 5 N blocks are stacked vertically. The coefficient of static friction between the blocks is = 0.20. Determine the horizontal force that must be applied to the second block from the bottom in...
-
Are decomposers and detritivores more like a manufacturing company or a recycling company? explain.
-
We have two players, who are named Harry and Sally. They each start the game with 1 dollar in front of them. They alternate in saying either "Stop" or "Continue", starting with Harry. When a player...
-
A stock has had returns of 8 percent, 26 percent, 14 percent, 17 percent, 31 percent, and 1 percent over the last six years. What are the arithmetic and geometric average returns for the stock?
-
Schoen Industries pays interest of $3 million each year on bonds with an average coupon rate of 7.5%. The firm has 4.5 million shares of stock outstanding and pays out 100% of earnings in dividends....
-
The following definition applies to both investing and gambling: putting money at risk in the hope of earning more money. In spite of this similarity, society has very different moral views of the...
-
Describe the goal of a portfolio owner in terms of risk and return. How does he or she evaluate the risk characteristics of stocks being considered for addition to the portfolio?
-
Consider an open economy characterized by the following equations: The parameters \(m_{1}\) and \(x_{1}\) are the propensities to import and export. Assume that the real exchange rate is fixed at a...
-
Consider an open economy in which the real exchange rate is fixed and equal to one. Consumption, investment, government spending, and taxes are given by where \(Y^{*}\) denotes foreign output. a....
-
Label each of the following statements true, false, or uncertain. Explain briefly. a. The interest rate parity condition means that interest rates are equal across countries. b. Other things being...
Study smarter with the SolutionInn App