Accounting · Ledger and Trial Balance

Consider the following statements regarding accounting procedures: Statement 1: A Ledger is considered the principal book of accounts because it provides a permanent and categorized record of all transactions, which allows for the easy determination of the net balance of any specific account at any given point in time. Statement 2: The process of transferring entries from the journal to the ledger is called 'Posting', and it requires that every debit entry in the journal is matched with a corresponding credit entry in a ledger account to maintain the integrity of the double entry system. Statement 3: A Trial Balance is a conclusive proof of the absolute accuracy of the books of accounts, and if the totals of the debit and credit columns match, it guarantees that no errors of principle or compensating errors have occurred in the accounting cycle. Which of the following best summarizes the validity of these statements?