With reference to a self-balancing system, which of the following statements is false?
1
This system helps in the preparation of interim accounts and drafting of final accounts as a complete trial balance as it can be prepared before the summation of individual ledger balances.
2
The internal check system cannot be strengthened as it is impossible to check the accuracy of each ledger independently.
3
Detection of errors becomes very easy if the books of account are maintained under the auto-balancing system.
4
The system under which each ledger is maintained for balance is called a self-balancing system.