A trial balance, when it is not in balance, proves A. Some transactions missing from the ledger. B. All transactions have not been posted. C. Mathematical inequality of debits and credits in the ledger. D. All transactions have been recorded incorrectly.
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A
A. Some transactions missing from the ledger.
B. All transactions have not been posted.
C. Mathematical inequality of debits and credits in the ledger.
D. All transactions have been recorded incorrectly.
E. None of the above.
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- Which of the following is provided by a trial balance inwhich total debits equal total credits?a. Proof that no transaction was completely omitted fromthe ledger during the posting process.b. Proof that the correct debit or credit balance has beencomputed for each account.c. Proof that the ledger is in balance.d. Proof that transactions have been correctly analyzed andrecorded in the proper accounts.Which of the following errors will cause the trial balance totals to be unequal? A. posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted B. recording the same transaction more than once C. recording the same erroneous amount for both the debit and the credit parts of a transactionWhich of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırak
- Which of the following is the postclosing trial balance not designed to verify? Multiple Choice that the expense accounts have zero balances that the drawing accounts have zero balances that the capital accounts have zero balances that total debits equal total creditsFor each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.Which of the following error will be called as an Error of Principle? a. A transaction is written without knowing the fundamental knowledge of accounting b. A transaction is written partially in the books of accounts c. A transaction is posted wrongly in the books of accounts d. A Transaction is not recorded completely in the books of accounts
- 2. Which of the following is not correct about an unadjusted trial balance?A. It proves that debits and credits of equal amounts are in the ledger.B. It is the basis for any adjustments to the account balances.C. It proves that debits and credits w'ere properly entered in the ledger accountsD. It supplies a listing of open accounts and their balances.A trial balance may prove that debits and credits are equal except a. All of these may prove that debits and credits are equal b. A transaction could have been entered twice c. A transaction could have been omitted d. An amount could be entered into the wrong accountThe following errors will not be revealed by the trialSelect one: a. Balances incorrectly recordedb. Balances omittedc. Posting to the wrong accountd. Casting of debit or credit columns.
- 21.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal? a. A debit was entered in an account as a credit. b. The balance of an account was incorrectly computed. c. The account balance was carried to the wrong column of the trial balance. d. A debit entry was recorded in the wrong account.What is the difference between an account and a ledger? What are the parts of a T account? How are transactions recorded in a journal? Do the terms debit and credit signify increase or decrease, or can they signify either? What is a trial balance? If the two totals of a trial balance are equal, does it mean there are no errors in the accounting records?Test of details of transactions involves testing the transactions which give rise to the ending balance of an account. TRUE OR FALSE? WHY?