Economics · Accountancy
Which of the following statements regarding the trial balance is true?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The trial balance easily identifies errors of principle and errors of commission.
- 2The trial balance is extracted from the general ledger accounts after they have been balanced off.✓
- 3If the trial balance agrees, it completely proves that no errors have been made in the accounting records.
- 4The trial balance is a final financial statement prepared annually for shareholders.
Correct answer
The trial balance is extracted from the general ledger accounts after they have been balanced off.
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