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
Which of the following is not an error or principle
Purchase of furniture debited to purchase account
Repairs on the over handling of second hand machinery purchased debited to repairs account
Cash received from Manoj posted to Saroj
Sale of old car credited to sales account
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
Which of the following is not an error of principle.
Repairs on the overhandling of second hand machinery purchased debited to repairs a/c
Cash received from Padmanabham posted to Karthik
Sale of old car canceled to sales account.
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.
A trial balance is prepared
After recording transaction in Subsidiary book
If Suspense account shows debit balance it will be shown in the __________ side of balance sheet.
Asset
Liabilities
None of these
All of these
Under casting of sales book is corrected by __________.
Debiting sales a/c
Debiting personal a/c
Crediting sales a/c
Total Amount method of preparing trial balance is other wise known as ________.
Gross trial balance method
Total cum balance method
Balance method
When an accounting principle is violated while recording a transaction in the books of account is an example of ________.
Errors of Commission
Errors of omission
Error of posting