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Meaning of Trial Balance

Under single ...

Question

Under single entry system, is it possible to check the arithmetical accuracy of books of accounts ?

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Solution

No, as arithmetical accuracy is checked by preparing a trial balance and in case of single entry system a trial balance cannot ne prepared as it does not record both aspects of a transaction.

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Similar questions

Can a limited company maintain its accounts under single entry system ?

Books maintained under double entry system are more reliable as compared to when maintained under single entry system. Comment.

Q. If an organisation has followed the _______ entry system they must prepare a trial balance for checking the accuracy of the ledger accounts.

Q. State True or False.

Arithmetical accuracy can’t be checked in single entry.

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 been correctly recorded in the books of original entry as well as in the ledger.
The correct answer is -

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Meaning of Trial Balance

Standard XI Accountancy

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