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Describe the content and purpose of trial balance

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Reference no: EM132326150

Question

1. Describe the content and purpose of (a) the general ledger, (b) chart of accounts, (c) trial balance.

2. If total debits equal total credits on a trial balance, does that mean no errors were made? Explain.

3. An auditor points to a specific credit posted to the Cash account. The auditor asks you to "prove" that this is a valid business transaction. How would you do that?

Reference no: EM132326150

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