MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Meaning of Trial Balance

Under single ...

Question

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

Open in App

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.

Suggest Corrections

thumbs-up

2

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 -

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Trial Balance

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Meaning of Trial Balance

Standard XI Accountancy

Join BYJU'S Learning Program

CrossIcon