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What is the effect of an error in the trial balance?

Practice Questions

1 question
Q1
What is the effect of an error in the trial balance?
  1. It will not affect the financial statements
  2. It will cause the financial statements to be inaccurate
  3. It will always be detected during the audit
  4. It will only affect the balance sheet

Questions & Step-by-step Solutions

1 item
Q
Q: What is the effect of an error in the trial balance?
Solution: An error in the trial balance will cause the financial statements to be inaccurate, as the trial balance is the basis for preparing them.
Steps: 0

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