The trial balance for James Corporation shows that the total debits equal the total credits.This indicates that all of the accounts are free from errors.

Question

Quizplus · Accepted Answer

While it is true that the trial balance's equality between total debits and total credits is an indication of correctness, it does not guarantee that there are no errors. There may still be errors of omission, duplication, incorrect posting, or incorrect amounts that offset each other. Therefore, further analysis and adjustment are necessary before preparing the financial statements.

The Trial Balance for James Corporation Shows That the Total