Asked by Faira Fischer on May 07, 2024
Verified
Balance entered in wrong trial balance column or omitted.
A)Trial balance preparation errors
B)Account balance errors
C)Posting errors
Trial Balance
A report listing all the balances in each general ledger account, ensuring debits equal credits for accuracy in accounting.
Account Balance
The amount of money present in a financial account, calculated as the total credits minus the total debits.
Posting Errors
Mistakes made during the process of transferring entries from the journal to the ledger in the accounting cycle.
- Recognize and rectify prevalent mistakes in journalizing and posting.
Verified Answer
CE
Learning Objectives
- Recognize and rectify prevalent mistakes in journalizing and posting.