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.
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.
Two sided errors will not affect the
Profit and Loss A/c
Trial balance
Ledger
None of these
A trial balance is prepared :
After recoding transactions in subsidiary books
When the net result of all errors is nil, it is called
Error omission
Error of commission
Error of principle
Compensating error
Which of the following is a clerical error
Error of omission
Error of Commission
All the above
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 a wrong amount is posted it will not detect through trial balance is an error of
Omission
Commission
Principle
Duplication
_______ account is used for rectifying the one sided errors only.
Suspense
Capital
Give rectification entry for machinery sold wrongly credited to sales a/c.
Cash a/c or To sales a/c
Cash a/c Or To machinery a/c
Machinery a/c or To sales
Sales a/c or To machinery
