Accounting · Trial Balance and Closing Entries
Consider the following statements: Statement 1: The process of passing closing entries is necessary to close all real and personal accounts so that the balance sheet for the new year starts with a zero balance. Statement 2: A Trial Balance acts as a bridge between the ledger and the final accounts providing a summarized view of all account balances. Statement 3: Errors of commission such as posting a correct amount to the wrong side of an account will cause the trial balance to differ by exactly twice the amount of the error. Which of the following combinations is accurate?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1All statements are correct.
- 2Statement 1 and 3 are correct.
- 3Statement 2 and 3 are correct.✓
- 4Statement 1 and 2 are correct.
Correct answer
Statement 2 and 3 are correct.
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