Question

2. Answer the following questions:
(a) When is a trial balance called "Mathematically correct"?
(b) When is the concept of true and fair realized?​

Answer 1

Answer:

a) When the total of debit and credit columns are equal, then the trial balance is regarded as balanced, i.e. the accounts are mathematically accurate, however, certain errors are still there, that might have occurred during journalizing and posting the entries into a ledger.

b) Definition. True and fair view in auditing means that the financial statements are free from material misstatements and faithfully represent the financial performance and position of the entity.

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