Answered: If the total debit balance equals the…

If the total debit balance equals the total credit balance on the trial balance, the accounting records may still contain errors. True or False

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

Section8.2: Preparing A Post-closing Trial Balance

Problem 1AYU

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Question

If the total debit balance equals the total credit balance on the trial balance, the accounting records may still contain errors.

True or False

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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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.
26-Which of the following error will be called as an Error of Principle? a. A transaction is written partially in the books of accounts b. A Transaction is not recorded completely in the books of accounts c. A transaction is posted wrongly in the books of accounts d. A transaction is written without knowing the fundamental knowledge of accounting
38-Which of the following error will be called as an Error of Commission? a. A transaction is posted wrongly in the books of accounts b. A Transaction is not recorded completely in the books of accounts c. A transaction is written partially in the books of accounts d. A transaction is written without knowing the fundamental knowledge of accounting
Even though a trial balance reveals that the debits equal the credits, there may still be errors in the company’s books. True False
The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. Overstated
A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable b.Supplies c.Salaries Expense d.Accounts Receivable
The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated or overstated.
13. Which statement about the worksheet is not correct? A. Resulting net income or net loss is reflected in the worksheet B. The difference between the total debits and total credits in the income statement column has to be the same as the difference between the total debits and total credits in the balance sheet columns C. The adjusting entries are entered in the worksheet D. The total debits and total credits in the income and income statements columns are not the same before and after the recognition of the net income or net loss
8. A trial balance may prove that debits and credits are equal, exceptA. A transaction could have been entered twice.B. A transaction could have been omitted.C. All of these may prove that debits and credits are equal.D. An amount could be entered in the wrong account.