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If the trial balance does not balance, what is the first step an accountant shou
If the trial balance does not balance, what is the first step an accountant should take?
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Practice Questions
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Q1
If the trial balance does not balance, what is the first step an accountant should take?
Prepare the financial statements
Check for arithmetic errors
Review the journal entries
Consult with a supervisor
Show Solution
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The first step an accountant should take is to check for arithmetic errors in the trial balance to identify discrepancies.
Questions & Step-by-step Solutions
1 item
Q
Q: If the trial balance does not balance, what is the first step an accountant should take?
Solution:
The first step an accountant should take is to check for arithmetic errors in the trial balance to identify discrepancies.
Steps: 4
Show Steps
Step 1: Look at the trial balance to see if the total debits equal the total credits.
Step 2: If they do not match, check each account's balance for any mistakes in addition or subtraction.
Step 3: Verify that all accounts are included in the trial balance.
Step 4: Recalculate the totals for both debits and credits to ensure they are correct.
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