If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records?
Q: Under the double-entry system of accounting, every transaction affects at least two accounts. True…
A: Suppose cash spent for salary payment for $10,000. In this case, salary expense should debit, since…
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: Which of the following errors will not affect the Trial balance? a. Wrong balancing of an account b.…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: How is a correction of an accounting error made?
A: Accounting error: It is a non-fraudulent discrepancy in the financial documents of an…
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: Explain whether an error has occurred if a post-closing trial balance includes a Depreciation…
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: hen there is a lack of consistent application of GAAP due to a new accounting pronouncement, no…
A: Audit need to give opinion of true and fair view of financial statement but if auditor need to draw…
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: True or false, the individual posting account balance right offs should be given complete authority…
A: The write-off refers to the amount that is deducted from the receivables balance because this is the…
Q: Explain why the accountant suspected that the accounts had not been adjusted prior to the…
A: Trail balance is the statement which is prepared with the aim and purpose to check that the posting…
Q: Explain why the ledger can still contain errors even through the trial balance is in balance. Give…
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
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: 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: Prepare the unadjusted trial balance
A: Unadjusted trial balance is the summary of all general ledger account balances of the business…
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: What is an unadjusted trial balance? An adjusted trial balance?
A: Definition: A trial balance is a summary of all the ledger accounts. The trial balance is…
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: is the postclosing trial balance not designed to verify
A: The Answer :
Q: If the total debit balance equals the total credit balance on the trial balance, the accounting…
A: Accounting records may contain many types of errors. Some of them are posting mistakes, compensating…
Q: The unadjusted trial balance is prepared
A: The financial statement is the representation of the financial data of the company. It is used by…
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: Is Unearned Revenue recorded in the Trial Balance?
A: Unearned revenue: Un-earned revenue is the term used to refer the revenues not yet earned but the…
Q: The financial statements are prepared from the unadjusted trial balance. True False
A: The unadjusted trial balance shows the balance of all the accounts before any adjustments.
Q: The collection of customer’s account is credited to accounts payable. What is the effect of the…
A: Ans. When a customer pays the journal entry to be passed is : Cash a/c Dr. xxxx…
Q: Question Account titles found in the adjusted trial balance may be classified into real accounts…
A: Trial balance means the statement where all the account has been listed and balances is shown in…
Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…
A: Answer: Accounting error.
Q: Explain why the ledger can still contain errors even though the trial balance is in balance. Give…
A:
Q: What are the steps taken by an accountant to locate the errors in the trial balance?
A: Trial Balance: It is a statement prepared by a company to check the debits and credit balances in…
Q: With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP…
A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…
Q: What is the difference between the trial balance and the balance sheet?
A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…
Q: Is it still necessary to record a transaction if it has no net effect on the accounting equation?…
A: Accounting equation says that total assets in the business must always be equal to total liabilities…
Q: Which of the following statements about an adjusted trial balance is true?
A: Trial Balance: Trial balance is a statement which has all accounts of ledger accounts which to be…
Q: Revenues and expenses should be recorded in the same period to which they relate.
A: Accrual accounting is an accounting method where revenues and expenses are recorded when a…
Q: The difference between deferred revenue and accrued revenue is that accrued revenue has been…
A: Revenue recognition: Revenue is recognized when the specific conditions or critical event occur.
Q: Describe the process of accounting for errors that have been corrected.
A: The process of accounting for errors that have been corrected will be explained:
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: Even though a trial balance reveals that the debits equal the credits, there may still be errors in…
A: Even though debits and credits are having equal values in Trial balance, still we can see errors in…
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 the two totals in a trial balance are equal, does that automatically mean there are no errors in…
A: A trial balance shows the compilation of all ledger balances into the debit and credit side.
Q: 2. Which of the following is not correct about an unadjusted trial balance? A. It proves that debits…
A: Trial Balance is a statement showing the ledger balances at the end.
Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?
A: Adjusted trial balance , as name suggest , is a trial balance which is made after the year end…
Q: Explain why the Retained Earnings account has a zero balance in the trial balance.
A: Retained earnings means the balance of profit which is still not distributed as dividend to the…
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- If the two totals of a trial balance are equal, does this mean that there are no errors in the underlying accounting records?If the two totals in a trial balance are equal, does that automatically mean there are no errors in the accounting cycle? Why or why not?Is the agreement of a trial balance absolute proof of the accuracy of the books of accounts? If not, what are the errors which remain even after agreement?
- Which of the following errors will not affect the Trial balance? a. Wrong balancing of an account b. Wrong totaling of an account c. Omitting one aspect of account d. Omitting two aspect of accountWhat are the steps taken by an accountant to locate the errors in the trial balance?Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account Compensatory Errors Error of Commission Wrong Balancing of an account
- Which of the following statements regarding the trial balance is most likely to be invalid? The purpose of preparing a trial balance is to determine whether the total debits and total credits in the ledger are equal. If total debits and credits are not equal, an error surely exists in the accounts. The trial balance is a prerequisite in preparing financial statements. The preparation of the trial balance creates a starting point for the preparation of the financial statements.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.List two reasons why the debits and credits in the trial balance might not balance.
- For 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.21 If the total debit balance equals the total credit balance on the trial balance, the accounting records may still contain errors. True or FalseFor 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.c. An expense was recorded as an asset