Economics · Trial Balance and Errors
Identify the true statement(s): Statement 1: A trial balance is prepared to detect arithmetical errors in the double-entry system. Statement 2: A trial balance guarantees that there are no errors in the financial statements.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Neither 1 nor 2
- 2Both 1 and 2
- 32 only
- 41 only✓
Correct answer
1 only
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