If the debit and credit columns of a trial balance have the same totals, the recording and posting of entries are all guaranteed correct.Select one:TrueFalse

Understanding Trial Balances

The statement indicates that if the debit and credit columns of a trial balance match, it guarantees the correctness of all recording and posting of entries.

1. Trial Balance Concept: A trial balance is a summary of all the financial transactions recorded in the accounting period showing total debits and total credits.

2. Debits and Credits: In a double-entry accounting system, every entry has equal debits and credits. If these columns balance, it suggests that the double-entry system has been followed correctly.

3. Limits of Trial Balance: While a balanced trial balance indicates that the total debits equal total credits, it does not ensure that all transactions have been recorded accurately, that the account balances are correct, or that there are no errors of omission or commission.

Conclusion

Therefore, the statement is False. Just because the debit and credit columns are equal does not mean that all accounting records are accurately maintained, as other types of errors may still exist.