If the sum of the debits and credits in a trial balance is not equal,then
A)there is no concern because the two amounts are not meant to be equal.
B)the chart of accounts also does not balance.
C)it is safe to proceed with the preparation of financial statements.
D)most likely an error was made in posting journal entries to the general ledger or in preparing the trial balance.

Question

Quizplus · Accepted Answer

If the sum of the debits and credits in a trial balance is not equal, it indicates that there is an error. The trial balance is meant to ensure that the total debits and credits in the ledger accounts are equal, and if they are not, it suggests that there is a mistake in the accounting records. Therefore, the best choice is D as it states that most likely an error was made in posting journal entries to the general ledger or in preparing the trial balance. It is important to correct the error before proceeding with the preparation of financial statements to ensure their accuracy. A, B, and C are not correct choices as they do not address the issue of the trial balance not balancing.

If the Sum of the Debits and Credits in a Trial