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What happens if an error is found in the trial balance?
What happens if an error is found in the trial balance?
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Practice Questions
1 question
Q1
What happens if an error is found in the trial balance?
The financial statements are still prepared
The error must be corrected before proceeding
The trial balance is ignored
The error is noted for future reference
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If an error is found in the trial balance, it must be corrected before proceeding to ensure the accuracy of the financial statements.
Questions & Step-by-step Solutions
1 item
Q
Q: What happens if an error is found in the trial balance?
Solution:
If an error is found in the trial balance, it must be corrected before proceeding to ensure the accuracy of the financial statements.
Steps: 5
Show Steps
Step 1: Check the trial balance to identify the error.
Step 2: Review the accounts to find where the mistake occurred.
Step 3: Correct the error in the appropriate account.
Step 4: Recalculate the trial balance to ensure it balances.
Step 5: Confirm that the financial statements are accurate before proceeding.
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