1. Balance Sheet provided for testing the accuracy of double notes in accounting books.
2. The Balance Sheet will be balanced if the record is incorrectly made, i.e. each debit note has its partner on the credit side of the account in the same account with the same amount.
3. However, a balanced Balance Sheet does not mean that all entries in the account are properly recorded as there may be errors that are neither intangible nor disclosed by the Balance Sheet
4. There are two types of mistakes, namely:
(a) The intangible error in the Balance Sheet
(c) Significant errors in the Balance Sheet