What kinds of errors would cause difference in the trial balance. Also listexamples that would not be revealed by a trial balance?

Q: preliminary judgement about materiality is the ______________ amount by which the auditor believes…

A: Materiality: Materialiity is the threshold above which missing or incorrect informatiion within the…

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: As a consultant explain to your staff how the absence of Trial Balance will affect the preparation…

A: Trial balance is the summary of all general ledger account balances of the business organisation.…

Q: Discuss the accounting implications of the update, insertion, and deletion anomalies associated with…

A: Anomalies: Anomalies are the problems that occur due to the poor planning and from the databases…

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: MUS's auditor assesses what is an acceptable misstatement

A: Dollar unit sampling (MUS) is a quantitative sampling procedure that is sometimes referred to as…

Q: Under IFRS, the retrospective approach should not be used if: a.    retrospective application…

A: International Financial Reporting Standards (IFRS): International Financial Reporting Standards is a…

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: Explain errors of principle and give two examples with measures to rectifythem.

A: An error of principle is an accounting mistake in which an entry is recorded in the incorrect…

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: Correction of an error in principle affects comparability and an explanatory paragraph after the…

A: The auditor should disclose a material lack of consistent application of GAAP by adding an…

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: is the postclosing trial balance not designed to verify

A: The Answer :

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: If the _______ is less than the _______, the audit team would conclude that the account balance is…

A: Misstatement: It can be defined as the variations between the actual financial statements being…

Q: Distinguish between counterbalancing and noncounterbalancing errors. Give an example of each.

A: Difference:Counterbalancing errors are the type of errors that cancels out or equalize other error…

Q: Test of details of balances involves direct testing of the ending balances.  TRUE OR FALSE? WHY?

A: Introduction:- Tests of details means verifying and obtaining audit evidence on the actual details…

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 does not balance, the preparer should check to see if the difference is evenly…

A: Transposition error: Transposition error occurs when the two digits of the amount that is entered…

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: 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: According to our authors, what is a misstatement? Provide examples.

A: Misstatement: A remark that is not accurate or the provision of erroneous information is referred to…

Q: If an error is not detected in spite of all efforts and trial balance does not agree then what…

A: The trial balance is prepared by posting debit and credit balance from the ledger accounts.

Q: From the options given below which of the following is not the reason of inherent limitation of…

A: Inherent limitation of audit comprises of all those things that are responsible for limiting or…

Q: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.

A: Distinguish between counterbalancing and non-counterbalancing errors. Give an example of each.…

Q: Which is an error of omission

A: Accounting error is error in entering, computing, and analysis of data. This includes the recording…

Q: Name the error which was made under the following circumstances:

A: The error of omission is a type of error that takes the account of results caused due inactions or…

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: 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: 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: Counter balancing error is sometimes referred to as: which of the following? a Compensating errors…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

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: Which of the following is false? a.    GAAP and IFRS have the same absolute standard regarding the…

A: International Financial Reporting Standard (IFRS): An international standard for identifying,…

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

Q: Can a updated check be an negotiable instrument

A: Negotiable instrument refers to the instrument which guarantee the payment of particular amount that…

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: ow they are reported. What are the disclosure requirements for correction of errors.  Please see…

A: Accounting Errors : A non-fraudulent inconsistency in financial documents is referred to as an…

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…