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Which of the following is a common reason for a trial balance to not balance?
Which of the following is a common reason for a trial balance to not balance?
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Practice Questions
1 question
Q1
Which of the following is a common reason for a trial balance to not balance?
Incorrect journal entries
Accrual accounting
Depreciation methods
Inventory valuation
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A common reason for a trial balance to not balance is incorrect journal entries, which can lead to discrepancies in the accounting records.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is a common reason for a trial balance to not balance?
Solution:
A common reason for a trial balance to not balance is incorrect journal entries, which can lead to discrepancies in the accounting records.
Steps: 5
Show Steps
Step 1: Understand what a trial balance is. It is a list of all the accounts in the accounting system with their balances.
Step 2: Know that the trial balance should have equal total debits and credits.
Step 3: Identify that if the totals do not match, it means there is an error somewhere.
Step 4: One common reason for this mismatch is incorrect journal entries, which means mistakes were made when recording transactions.
Step 5: These mistakes can include wrong amounts, wrong accounts, or missing entries.
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