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What is the difference between trial balance of totals and trial balance of balances?
firstily trial balance of total is the total balance of trial balance being show at the end of a year. trial balance of balance it is the balances being show doing the calcution of the trial balance.
When transposition error is made on a trial balance the difference between the debit and credit totals on the trial balance will be?
When a transposition error occurs on a trial balance, the difference between the debit and credit totals will always be a multiple of 9. This is because transposing two digits results in a number that, when subtracted from the original, will yield a difference that is divisible by 9. For example, if 54 is transposed to 45, the difference is 9, which is a multiple of 9.
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.
When the trial balance totals are not equal the error may have been caused by recording a debit as a credit if the difference is divisible by?
3
Why does a record keeper prepare a trial balance?
A record keeper at the time of preparing trial balance balances(n totals) all the ledger a/c and transfer the balancing figure to the respective dr. and cr. columns of trail balance. In this way he finds the accuracy as the totals of dr. and cr. columns are equal and if not then some error exists in recording or posting entries
What is the difference between trial balance of totals and trial balance of balances?
firstily trial balance of total is the total balance of trial balance being show at the end of a year. trial balance of balance it is the balances being show doing the calcution of the trial balance.
When transposition error is made on a trial balance the difference between the debit and credit totals on the trial balance will be?
When a transposition error occurs on a trial balance, the difference between the debit and credit totals will always be a multiple of 9. This is because transposing two digits results in a number that, when subtracted from the original, will yield a difference that is divisible by 9. For example, if 54 is transposed to 45, the difference is 9, which is a multiple of 9.
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.
When the trial balance totals are not equal the error may have been caused by recording a debit as a credit if the difference is divisible by?
3
Why does a record keeper prepare a trial balance?
A record keeper at the time of preparing trial balance balances(n totals) all the ledger a/c and transfer the balancing figure to the respective dr. and cr. columns of trail balance. In this way he finds the accuracy as the totals of dr. and cr. columns are equal and if not then some error exists in recording or posting entries
What are the three trial balances in the accounting cycle?
The unadjusted trial balance, the adjusted trial balance, and the post adjusted trial balance.
What is the difference between preparing a trial balance and preparing a balance sheet?
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
It is true that the trial balance totals should agree?
yes
How do you verify balances on the trial balance?
verify the balances of all ledger accounts
If the two totals of a trial balance are NOT equal it is an indication of a?
error
What are accounts payable on a trial balance?
debit balances
What are the accounts payable on the trial balance?
debit balances
