Which of the following statements is true?
A)If a debit entry is made to an account in the general journal,the same account will receive a credit entry when the amount is posted to the general ledger.
B)If all transactions are correctly posted to the general ledger,the sum of the debit balances will be equal to the sum of the credit balances.
C)Posting occurs when numbers in the general ledger accounts are transferred to the general journal.
D)If the sum of the debit balances equals the sum of the credit balances,then there were no mistakes made in the posting process.

Question

Quizplus · Accepted Answer

This statement is known as the accounting equation and is a fundamental principle of double-entry bookkeeping. The sum of the debit balances must always equal the sum of the credit balances in any accounting system that follows this principle. A, C, and D are incorrect statements.

Which of the Following Statements Is True