Trial Balance is _________.
Account
Statement
Both a and b
None of these
A trial balance is prepared :
After preparation of financial statement
After recoding transactions in subsidiary books
After posting to ledger is complete
After posting to ledger is complete and accounts have been balanced.
If Suspense account shows debit balance it will be shown in the __________ side of balance sheet.
Asset
Liabilities
All of these
Which of the following is a clerical error?
Error of omission
Error of Commission
Compensating error
All the above
Agreement of trial balance is affected by :
One sided errors only
Two sided error only
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
Both of these
When the net result of all errors is nil, it is called
Error of commission
Error of principle
Journal entries passed to correct an error is called
Closing entry
Adjusting entry
Transfer entry
Rectification entry
Error of Omission
Compensatory error
