Login
Get Advice on Live Video Call
Earn $ Cash $ with
consultations on Bissoy App

i. Errors that affect the agreement of Trial Balance. ii. Taking the total more while closing books of accounts.

Monjur Alahi

Give one word/term or phrase for each of the following statement:

i. Errors that affect the agreement of Trial Balance.

ii. Taking the total more while closing books of accounts.

iii. The error arises when a transaction is partially or completely omitted to be recorded in the books of accounts.

iv. Transactions recorded due to violating of the accounting principles.

v. Accounts to which difference in Trial Balance is transferred.


0 like 0 dislike
1 views
Share with your friends

1 Answers

Salim Ahmed Kawsar

Call

i. One-sided errors

ii. Overcasting

iii. Error of omission

iv. Error of principle

v. Suspense account

0 like 0 dislike
1 views
Total cost of 14 pens and 21 books is Rs. 130 and the total cost of 6 pens and p books is Rs. 90. Which of the following cannot be the value of p ? 

Correct option is D) 9

2 Answers 2 views
i. A solvent person is a person whose assets are more than his liabilities. ii. Cash discount does not appear in the books of accounts.

i. This statement is True. A person who is unable to pay his debts is called insolvent. An insolvent person does not have sufficient assets to pay his debts. His business debts...

2 Answers 1 views
State the accounts which are not considered while preparing the Trial Balance by Balance Method Accounts which do not show any balance are not conside

Correct Answer - Balance Method.

2 Answers 1 views
Agreement of Trial Balance always proves accounting accuracy.

This statement is False. Even though the Trial balance is tally there may be some mistake like the complete omission of transaction or compensatory error so Agreement of Trial Balance does...

2 Answers 3 views
i. Error in which the effect of one mistake is nullified by another mistake. ii. Errors that are not disclosed by the Trial Balance.

i. Compensating error ii. Two-sided errors iii. Errors of commission

2 Answers 1 views
Trial Balance is prepared from the balance of ledger accounts.

This statement is True. A Trial balance is a statement of debit and credit balances extracted from the various accounts in the ledger. All business transactions are recorded first in Journal...

2 Answers 1 views
A Trial Balance can agree in spite of certain errors.

This statement is True. The error of principle or error of complete omission or compensatory error is not disclosed by the Trial Balance. It will be agreed with debit and credit balances...

2 Answers 1 views
i. ______ is assured only when there are no errors in the books of accounts. ii. Transactions recorded in contravention

i. Accuracy ii. errors of principle iii. Rectifying iv. suspense account v. wrong

2 Answers 1 views
From the following data, calcualte value added by firm X and by firm Y: (i) Closing stock of firm X 20 (ii) Closing stock of firm Y 15 (iii) Opening s

VA by X=v+i-iv-vi-ix =300+20-5-100-50 =rs 165 lakh V.A. by `Y=viii+ii-iii-vii` `=250+15-10-80` =rs 175lakh

2 Answers 2 views
25) Following errors were detected from the books of accounts of Amar. Give journal entries to rectify them. 1) Rs 5000 paid for wages for erecting the plant were entered in the wages \( A / c \) 2) Paid Rs 2000 as salaries to Ramu but an amount was debited to his personal \( A / c \). 3) Rs 6000 received from a customer namely Dinesh is credited to Capital \( A / c \)

Journal Entries:- 1) Wages A/c Dr.5000                     To Plant A/c 5000 2) Suspense A/c Dr.4000                    ...

2 Answers 1 views

Log in to ask questions, provide answers, or leave comments.


Login

Install the Bissoy app to consult with a doctor.


Download