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If the two totals of a trial balance are equal, dose it mean there is no error in the accounting record?

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Question added by Kenneth Boikary
Date Posted: 2016/07/05
Heba Nasreldin
by Heba Nasreldin , English Back Office Agent U-tech account , Ecco outsourcing

no , may be the entry is incorrect

no, it is true that it is balance but the entry made is incorrect

Deleted user
by Deleted user

The answer is simply ( NO ) , any single balance may be wrongly recorded & this error is included in another single balance(s) but you can see equal totals at the end.

Deleted user
by Deleted user

 NO NEVER IF TRIAL BALANCE TALLY MEANS NOT ACCOUNT CLEAR- IF EXAMPLE GOODS PURCHASE FROM x FOR 10  WE ARE ACCOUNTING THIS TRANSACTION LIKE THIS BELOW

X A/C DR

PURCHASE A/C CR

THIS IS ABSOLUTELY A/C PRINCIPLE WRONG BUT TRIAL BALANCE WILL TALLY BUT ACTUAL ENTRY ABOVE THAT IS

PUR A/C DR AND

  X A/C CR

Mohamed Ghazi CMA
by Mohamed Ghazi CMA , Finance and Budget Manager , Ernst & Young

No That is not an indication that no errors in the recording,

  

Deleted user
by Deleted user

NO. IF THE CAPITAL EXPENSE TREAT AS REVENUE EXPENSE, IT DON'T FIND OUT

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