A trial balance is prepared After preparation of financial statement After recording transactions in subsidiary books After posting to ledger is After posting to ledger is complete and accounts have been balanced If suspense account does balance even after rectification of error it implies that There are no more errors to be located There are some two side errors only in the books yet to be located There are some one side errors only in the books yet to be located There are both one side and two sided errors in the books yet to be located If an error is not detected in spite of all efforts and trial balance does not agree then what measure will be taken for the agreement of a trial balance? Should opened a rectification account Should opened an error account Should opened a compensation account Should opened a suspense account If some credit sale to customer is correctly recorded in Sale book but is omitted to be recorded to Customer’s account then what type of error will it be Error of totaling Error of casting Error of posting Error of recording Why the error of casing of subsidiary books affect the agreement of trial balance It is one side and two side errors only It is one side errors only It is two sided errors only None A trial balance is prepared to locate None of these Error of commission Error of Omission Error of principle Which of the following error would be disclosed by the Trial Balance Selling expenses have debited to Sale account Credit sales of $2,500 entered in both the account $250 Cheque $5,000 from Ram entered in Shyam account A purchase of $3,500 was omitted entirely from the books $4,200 paid for conveyancing has been written off instead of capitalizing. This is an error of Commission Principle Compensating Omission

A trial balance is prepared After preparation of financial statement After recording transactions in subsidiary books After posting to ledger is After posting to ledger is complete and accounts have...

If suspense account does balance even after rectification of error it implies that

If an error is not detected in spite of all efforts and trial balance does not agree then what measure will be taken for the agreement of a trial balance?

If some credit sale to customer is correctly recorded in Sale book but is omitted to be recorded to Customer’s account then what type of error will it be

Why the error of casing of subsidiary books affect the agreement of trial balance

$4,200 paid for conveyancing has been written off instead of capitalizing. This is an error of

Jun 10, 2022