Give one word/term or phrase for each of the following statement:
i. Error in which the effect of one mistake is nullified by another mistake.
ii. Errors that are not disclosed by the Trial Balance.
iii. Errors of incorrect entries or wrong posting.
1 Answers
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
If % error in length diameter current and voltage are same than which of the following affects %error in measurenet of resistivity the most .
`((Dletarho)/(rho))_(max)` = is mostly affected by % error in diameter .
2 Answers 2 views
What is ‘Trial Balance’?
Trial Balance is an abstract or list of all the ledger accounts as on a specified date showing debit total and the credit total of all the accounts or their net...
2 Answers 1 views
i. Errors that affect the agreement of Trial Balance. ii. Taking the total more while closing books of accounts.
i. One-sided errors ii. Overcasting iii. Error of omission iv. Error of principle v. Suspense account
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
The mass of a cube has error of 2% and the length of its edge has error of 1%. What will be the maximum percentage error in calculation of its density
Density of cube `(p)=(M)/(V)=(M)/L^(3)) therefore((Deltap)/(P))_("max")xx100=((DeltaM)/(M)xx100)+3(DeltaL)/(L)xx100)=2%+3(1%)=5%`
2 Answers 1 views
Every item of Trial Balance has only one effect.
This statement is True. Every transaction is recorded through journal or subsidiary books with the principle of the double-entry book-keeping system. Journal and subsidiary books are posted to the ledger account...
2 Answers 1 views
Preparation of Trial Balance is not possible under the Single Entry System.
This statement is True. Under the single entry system, only cash and personal accounts of debtors and creditors are open. So it is not possible to prepare. Trail balance under single...
2 Answers 1 views
General Reserve Account always shows - (A) Debit balance (B) Credit balance (C) Debit & credit balance (D) None of these
Correct option is: (A) Debit balance
2 Answers 1 views