Read and analyze the following. Identify whether the statement is about the "uses" or "limitations" of unadjusted trial balance. It Provides a base for making adjustments It doesn't authenticate that all the transactions are recorded in books It ensures that debits are equal to credits It helps in identifying errors of journalizing or posting It ensures that there are no mathematical errors but there can be an accounting error It cannot find any missing entry from journal or ledger 7. It cannot ascertain error in passing the original entry It helps in finding errors in the general ledger It provides a summary of balances at one place 10. There are still chances of errors even if the trial balance columns tally FE It will verify how you learned from the lesson. Modified True or False. Underline the word or clause that made the statement false. 1. Preparation of unadjusted trial balance is the fourth step in the accounting cycle after identification of a transaction, recording it in journal and posting it in to ledger. 2. Ledgers are described as books of original entry. 3. In the absence of special journal, the general journal is used to record chronologically all business entity transactions. 4. Journalizing consists of entering a transaction's date, account names, and debit and credit amounts in the appropriate columns of a general journal. The transaction date can be omitted when recording a transaction in the general journal In the Owner's Equity account, increases in the account are debits and decreases in the account are credits. 7. If an entity uses a computerized accounting system, it does not need an account classification system. . If a trial balance balances, this means all transactions have been journalized and posted correctly. 9. Unadjusted trial summarizes all the general ledger accounts balances in one statement