When the net result of all errors is nil, it is called
Error of omission
Error of commission
Error of principle
Compensating error
If two sides of trial Balance shows an equal balance it is presumed that the ________ to the ledger are accurate.
Balancing
Posting
Journalising
None of these
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.
___________ forms a connecting link between the ledger account and the final account.
Journal
Ledger
Trial balance
Balance sheet
Journal entries passed to correct an error is called
Closing entry
Adjusting entry
Transfer entry
Rectification entry
Statement prepared to verify the correctness of ledger posting is termed as ________.
Trial Balance
Balance Sheet
Which of the following error does not affect the trial balance.
Error in casting
Error of partial omission
All of above
If Suspense account shows debit balance it will be shown in the __________ side of balance sheet.
Asset
Liabilities
All of these
Goods sold Rs. 500/- is omitted to record the books of accounts are examples of _______.
Errors of commission
Errors of principles
Duplicating error
Errors of Omission
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
