Economics · Trial Balance
Which one of the following statements is NOT true regarding a trial balance?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Compensatory errors are also known as equalizing errors.
- 2Errors of principle do not affect the agreement of the trial balance.
- 3A trial balance provides the basis for the preparation of final accounts.
- 4The primary object of a trial balance is to conclusively prove the absolute accuracy of the accounting books.✓
Correct answer
The primary object of a trial balance is to conclusively prove the absolute accuracy of the accounting books.
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