Balance method of preparing trial balance is other wise known as __________.
Net trial balance
Gross trial balance
Net cum balance method
None of these
If suspense account does not balance off even after reconciliation of errors, it implies that:
There are some one sided errors only in the books yet to be located
There are no more errors yet to be located
There are some two sided errors only yet to be located
There may be both one sided errors and two sided error yet to be located
If the trial balance agrees, it implies that
There is no error in the books
There may be two sided errors in the book
There may be one sided error in the book
There may be both two sided and one sided errors in the books.
Agreement of trial balance is affected by :
One sided errors only
Two sided error only
Both a and b
A trial balance is prepared
After preparation of financial statement
After recording transaction in Subsidiary book
After posting to ledger is complete
After posting to ledger is complete and accounts have been balanced.
Statement prepared to verify the correctness of ledger posting is termed as ________.
Journal
Ledger
Trial Balance
Balance Sheet
Trial Balance is a tabulation of the balances of all the accounts on a ________.
Particular period
Particular date
Both of these
All of these
Which of the following is a clerical error?
Error of Omission
Error of Commission
Compensatory error
If a mistake is committed unintentionally or innocently due to ignorance of accounting principles or due to earliness of an accountant such mistake are called
Fraud
Error
If a transaction is recorded twice in the books of accounts, such error are called _______.
Error of duplication
Error of posting
