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Errors of Omission Errors of Commission Reversal of Entries Errors of Principle Errors of Original Entry Compensating Error these errors can be fount by a trial balance Wrong Casting Posting to the Wrong Side Posting Wrong Amounts Double Posting in a Single Account Errors of Totalling and Balancing of Accounts in the Ledger
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Errors not revealed by trial balance?
Errors not revealed by trial balance?
When the trial balance indicates that the ledger is in balance you can assume there are no errors in the ledger is this true?
When the trial balance indicates that the ledger is in balance, you can assume there are no errors in the ledger. true or false
Five errors in trial balance?
Answer
What is effect of posting errors on a trial balance?
Depends on the error. Either assets will be over/understated and liabilities/stockholders' equity will be over/understated.
What reports alerts you to errors in your books?
trial balance
What two types of errors are associated with the trial balance?
Errors that do not affect the trial balance errors that affect the outcome of the trial balance
Errors not revealed by trial balance?
Errors not revealed by trial balance?
When the trial balance indicates that the ledger is in balance you can assume there are no errors in the ledger is this true?
When the trial balance indicates that the ledger is in balance, you can assume there are no errors in the ledger. true or false
Five errors in trial balance?
Answer
What two types of errors that will require the use of a suspense account?
To make up the difference in trial balance and to rectify all one sided errors. To make up the difference in trial balance and to rectify all one sided errors. To make up the difference in trial balance and to rectify all one sided errors. To make up the difference in trial balance and to rectify all one sided errors. To make up the difference in trial balance and to rectify all one sided errors. To make up the difference in trial balance and to rectify all one sided errors.
What are the differences between errors disclosed by trial balance and errors not disclosed by trial balance?
Kuch nai barbaad hai ye site
What is effect of posting errors on a trial balance?
Depends on the error. Either assets will be over/understated and liabilities/stockholders' equity will be over/understated.
What reports alerts you to errors in your books?
trial balance
What are the errors affecting the trial balance?
commission and ommission
What are the errors that affect trial balance?
commission and ommission
Discuss the limitations of trial balance?
Limitations of a trial balanceTrial Balance only confirms that the total of all debit balances match the total of all credit balances. Trial balance totals may agree in spite of errors. An example would be an incorrect debit entry being offset by an equal credit entry. Likewise, a trial balance gives no proof that certain transactions have not been recorded at all because in such case, both debit and credit sides of a transaction would be omitted causing the trial balance totals to still agree. Types of accounting errors and their effect on trial balance are more fully discussed in the section on Suspense Accounts.
Could there be errors in journal entries when the trial balance agrees and if so under what circumstances?
Yes, there could be errors even when the trial balance agrees. For example, the columns in a trial balance would still agree if an entry was omitted or entered incorrectly in the same amounts in corresponding accounts.
