It is a check on the accuracy of posting. If the trial balance agrees it proves that -
1. The books are arithmetically accurate
2. Both the aspects of the transactions have been correctly recorded in the books of original entry as well as in the ledger.
The correct answer is -

1 but not 2

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2 but not 1

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Both 1 & 2

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Either 1 or 2

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Solution

The correct option is C Both 1 & 2
Both 1 & 2 are correct.
It is a check on the accuracy of posting. If the trial balance agrees it proves that the books are arithmetically accurate and both the aspects of the transactions have been correctly recorded in the books of original entry as well as in the ledger.

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Similar questions

Q. It is a check on the accuracy of posting. If the trial balance agrees it proves that -
1. The books are arithmetically accurate
2. Both the aspects of the transactions have correctly recorded in the books of original entry as well as in the ledger.
The correct answer is ___________________.

Q. State whether the following statements are ‘True or False”.

1) Ledger is known as the book of original entry.
2) Narration is not necessary in ledger.
3) All accounts are closed down at the end of the accounting year.
4) Recording of a transaction in Journal is called posting.
5) Balance of personal account is brought down for the next year.
6) All transactions are recorded directly in ledger.
7) Ledger Folio and index is necessary for ledger.
8) Ledger posting is not necessary for Journal Proper.
9) Ledger Folio is recorded in Journal.
10) Ledger posting is made before passing Journal entry.

Q. When any particular transaction has not at all been entered in the journal or in the book of original entry, it cannot be posted into the ledger at all, such errors are known as ___________.

Purchased goods of Rs. 2,400 from Simran and is correctly entered in the purchases book but posted to the credit of her account in the ledger as Rs. 3,400. Will this error create a difference in the trial balance or not?

Q. When any particular transaction has not at all been entered in the journal or in the book of original entry, it cannot be posted into the ledger at all, such error are known as________________.

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It is a check on the accuracy of posting. If the trial balance agrees it proves that -1. The books are arithmetically accurate2. Both the aspects of the transactions have been correctly recorded in the books of original entry as well as in the ledger.The correct answer is -

It is a check on the accuracy of posting. If the trial balance agrees it proves that -
1. The books are arithmetically accurate
2. Both the aspects of the transactions have been correctly recorded in the books of original entry as well as in the ledger.
The correct answer is -