41. Currency signs are typically used only in the trial balance and the financial statements.
42. The general rules of debit and credit, and the steps in the recording process–the journal, ledger, and chart of accounts–are the same under both GAAP and IFRS.
43. A trial balance does not prove that all transactions have been recorded or that the ledger is correct.
44. The double-entry system is a logical method for recording transactions and results in equal debits and credits for each transaction.
45. The normal balance of an expense is a credit.
46. The journal provides a chronological record of transactions.
47. The ledger is merely a bookkeeping device and therefore does not provide much useful data for management.
48. The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger.
49. The primary purpose of a trial balance is to prove the mathematical equality of the debits and credits after posting.
50. The trial balance will not balance when incorrect account titles are used in journalizing or posting.