Reconciliation and control reports can help detect whether any errors have been made during the process of updating the general ledger.One reconciliation that indicates whether the sum of debit balances is equal to the sum of credit balances in the general ledger is commonly known as
A)a trial balance.
B)a completeness test.
C)a closed-loop verification.
D)a general journal listing.

Question

Quizplus · Accepted Answer

A trial balance compares the total sum of debits to the total sum of credits in the general ledger to ensure they balance. This helps detect errors or discrepancies in the ledger that need correction. The other options listed are not commonly used reconciliation methods for detecting errors in the general ledger.

Reconciliation and Control Reports Can Help Detect Whether Any Errors