If the two totals of a trial balance are equal, does this mean that there are no errors in the underlying accounting records?
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- If the two totals of a trial balance are equal, does it mean that there are no errors in the 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?
- What 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 accountThe 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.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 accountWhich 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.
- 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.c. An expense was recorded as an assetA transaction is not recorded by the accountant either wholly or partially in the books of accounts will be called as : a. Error of omission b. Error of commission c. Error of compensation d. Error of transpositionHow is a correction of an accounting error made?