If the trial balance does not balance, the preparer should check to see if the difference is evenly divisible by 9. If so there may be a transposition.   True   False

Q: A misstatement related to which of the following assertions means the dollar amount of the account…

A: Completeness represents that the financial statement of the company would be required to be…

Q: What kinds of errors would cause difference in the trial balance. Also listexamples that would not…

A: Generally, errors such as not posting properly, only posting half of the journal entry in the ledger…

Q: If the two totals of a trial balance are equal, does it mean that there are no errors in the…

A: The Agreement of trial balance menas the arithematical accuracy of books. But is does not always…

Q: 35. Vhich of the following combination of trial balance totals suggest a possible transposition…

A: A transposition error is a common accounting error which is caused by substituting two or more…

Q: Which would cause the trial balance to have a not equal total

A: Trial balance is a statement that is prepared with the debit and credit balance of ledger accounts.

Q: If the two totals of a trial balance are equal, does it mean that there are no errors in the…

A: The trial balance reflects all the journal entries made in the general ledger during the accounting…

Q: Time lines can be constructed for annuities where the payments occur at either the beginning or the…

A: Time lines can be constructed for annuities where the payments occur at either the beginning or the…

Q: Identify which error will cause the trial balance to be out of balance.

A: Answer - A $340 cash receipt from a customer in payment of her account posted as a $340 debit to…

Q: Agreement of trial balance is affected by:(a) One sided errors only.(b) Two sided errors only.(c)…

A: Trial balance is a statement not an account where the balances of all the ledgers accounts of the…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Errors in posting refer to those that are done while recording the journal entries in books and the…

Q: Explain how each of the following posting errors affects a trial balance. State whether the trial…

A: (a).              If $900 is credited to service revenue instead of unearned revenue then it would…

Q: It is good to assume that unusual items will be zero. True or False

A: Unusual or Infrequent Items are transactions that are unusual in nature or infrequent. The items…

Q: Provide an example of why a trial balance may not balance.

A: Trial balance refers to the statement or the worksheet which balances of all the ledgers that are…

Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…

A: Trial balance is the indicator of mathematical accuracy in business, it means total of debit side…

Q: The input of Adjustments must comply with the matching principle GAAP?    1.True   2.False

A: GAAP indicates the general rules and regulations established for the purpose of guiding the business…

Q: The trial balance is a proof about the following accuracies except one: O a. That there are no other…

A: Trial balance is prepared with a view to ensure the arithmetic accuracy of account balances of the…

Q: Complete the following table by filling in the blanks. For each of the listed posting errors: 1.…

A: Introduction: Accounting rules: As per Personal accounting , debit the receiver , credit the giver.…

Q: It’s not easy sometimes to distinguish between a change in principle and a change in estimate. In…

A: Definition:   Accounting changes: Accounting changes are the alterations made to the accounting…

Q: is the postclosing trial balance not designed to verify

A: The Answer :

Q: Is the agreement of a  trial balance absolute proof of the accuracy of the books of accounts? If…

A: Meaning of Trial balanceA trial balance is a statement that shows the debit totals and credit…

Q: If the trial balance agrees, it implies that:(a) There is no error in the books.(b) There may be two…

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: Which of the following is incorrect regarding measurement period?

A: Business combinations are the result of acquisitions or mergers. Here, one party acquires the other…

Q: Explain why the ledger can still contain errors even though the trial balance is in balance.

A: There will be errors in ledger when journal entries are not posted correctly or omitted fully.…

Q: If total debits equal total credits in the trial balance, then all balances are correct. Question 5…

A: Trial balance: The trial balance is a statement prepared by the company to understand the balance of…

Q: In correction of combined errors, you need to be careful with counterbalancing and non-…

A: Counter Balancing Errors If the effect of an error in one account is cancelled by the effect of one…

Q: If a problem is saying 'do not use intermediate calculations' but is telling you to input the answer…

A: First the decimal value needs to be converted into decimal It can be converted to percentage by…

Q: When two digits in an amount are accidentally recorded the wrong way round will be called as: a.…

A:

Q: 35. Which of the following combination of trial balance totals sucgest a possible transposition…

A: Trial balance: It is worksheet which shows all the accounts an organization has like assets,…

Q: a. Calculate the present value of total outflows. (Do not round intermediate calculations and round…

A: Information Provided: Bond Obligation = $24 million Issued rate = 13% Int rates on similar bonds =…

Q: How do you find the error of trial balance. Please explain to me in a easiest way to remember

A: Following are the steps that can be used to find out the errors in a trial balance: Step 1: Total…

Q: If the trial balance is balanced, are we certain that there are no errors in it? How so?

A: Trial balance is the statement which is prepared by an entity to check if the debits in the books…

Q: The fact that your trial balance agree does not mean that there are no errors. Discuss

A: Trail Balance agrees it does not mean there is no errors , because it has errors, the following…

Q: Which of the following errors in the journal entry will not be detected by trial balance. a) Debit…

A: Trial balance is defined as the sheet which records all the ledger balances that are categorized…

Q: 29-Where the correct accounts are used but each item is shown on the wrong side of the account is an…

A: Please see the next step for the solution

Q: Where the correct accounts are used but each item is shown on the wrong side of the account is an…

A: Errors in the account books are the unintentional mistakes that the person preparing the account…

Q: Identify at least four types of errors and /or omissions that would NOT be identified by a trial…

A: Answer: There are errors which don't change any balances in trial balance. They can not be easily…

Q: The fact that your trial balance agree does not mean that there are no errors”.Discuss

A: Ans. Although the debits and credits of a trial balance are equal it does not mean that they are…

Q: Explain why the debit and credit total of a trial balance should always be equal? What are the…

A: In a trial balance, all debits total should always be equal to all credits total. Because as per…

Q: Which of the following is the postclosing trial balance not designed to verify?   Multiple Choice…

A: Post closing trial balance means a trial balance where all item of revenue and expenses has been…

Q: f the post-closing trial balance does not balance, then the error(s) definitely occurred at some…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: If using a short method if the account is not debit to rectify this error will debi that account O…

A: solution concept when a error of omission happens in debiting a account the error can be rectified…

Q: If total debits equal total credits on the trial balance, is the trial balance error-free? Explain…

A: The statement which shows the summary of debit and credit balance is called trial balance. If both…

Q: In a transportation and assignment problems, a dummy source is given a zero cos. Select one: O True…

A: the answer is provided as follows: