Which of the following error will be called as an Error of Commission?
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: 21.Which of the following errors will not cause the debit and credit columns of the trial…
A: The trial balance is prepared to record the final balance of each account of the business as debit…
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: The process of transferring the debit and credit information from the journal to individual accounts…
A: Journalizing is the first step of accounting and involves recording a business financial…
Q: When transactions are entered in wrong accounts, the classification assertion is violated. * True…
A: Classification Assertion. The assertion is that all transactions have been recorded within the…
Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…
A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…
Q: What are the different types of errors that are found in the books of accounts?
A: Accounting error: Accounting errors can be defined as omission of the fundamental 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 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: ain the importance of recording the commercial substance rather than the legal form of…
A: When it is expected that a business's future cash flows would change as a result of a business…
Q: Which of the following error will be called as an Error of Principle? a. A transaction is written…
A: The error of principle states that it is a error when entries are posted correct for amount but in…
Q: Which of the following errors will cause the trial balance totals to be unequal? A. posting the…
A: In a trial balance, the total of debits must be equal to the sum of credits. Trial balance does not…
Q: A negative entry raises the value of the assets and income accounts in the ledger. True \False
A: This question tells about the value of the assets and income accounts in the ledger
Q: Which of the following statements regarding the trial balance is most likely to be invalid? The…
A: 1. 4. The preparation of the trial balance creates a starting point for the preparation of the…
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: 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: If a transaction cannot be recorded in a special journal, it indicates that the company should adopt…
A: If the transaction is not recorded in a special journal then it is recorded in General journal…
Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts…
A: There are various errors that an accountant can commit while recording or posting financial…
Q: 26-Which of the following error will be called as an Error of Principle? a. A transaction is written…
A: Error of principle records transaction violating accounting policies and principles , it does not…
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: D. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the…
A: If a liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit then the…
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: which of the following regarding errors is correct Select one: a. intentional misstatement of the…
A: The financial statements are said to reflect the correct and accurate picture of the company when…
Q: Explain why the ledger can still contain errors even though the trial balance is in balance. Give…
A:
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: Bookkeeping is not the recording function in the accounting process Question 8 options: True…
A: Recording is the first step of accounting process, under which journal entries are being passed in…
Q: Which of the following statements about a journal is false? (a) It is not a book of original entry.…
A: Answer
Q: 8-Which of the following error will be called as an Error of Commission? a. A transaction is posted…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.
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: What is the difference between an account and a ledger?
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: d not be recorded using the Expense or Check onscreen form?
A: Office Supplies purchased
Q: which of the following regarding errors is not correct Select one: a. unintentional misstatement of…
A: It is pertinent to note that Fraud is an intentional act by the Management, Those charged with…
Q: In accounting for revenue recognition under ASC Topic 606, revenue can be recognized before a…
A: Solution: In accounting for revenue recognition under ASC Topic 606, revenue can be recognized…
Q: The following statements relate to nature of positive and negative confirmation requests. Which…
A: Concept Positive confirmation request External confirmation request where the debtor…
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: Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account…
A: We have the following question: Which error cannot be revealed on the preparation of the trial…
Q: What is the appropriate name of the error which was made under the following circumstances: A…
A: Ledger is the secondary book where transactions are being transferred from the journal. It contains…
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: If the total of the schedule of accounts payable does not agree with the Accounts Payable balance,…
A:
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: What is a suspense account? Is it necessary that is suspense account will balance off after…
A: A suspense account is created when there is no certainty about debit or credit of a transaction and…
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: Generally, test of details of transactions is used when account balances are affected by large…
A: Test of details of transaction: Testing of transactions which give rise to the ending balance of a…
Q: Provide two examples of errors that can be made in accounting transactions. In addition, discuss how…
A: Error of Omission: When some transactions are completely omitted from the books of accounts or…
Step by step
Solved in 2 steps
- 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 accounting26-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 accountingTrue or false, the individual posting account balance right offs should be given complete authority to do so without superior approval
- The purpose of testing the quality of debits and credits is to find errors recorded in the amounts. True FalseWhich of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transactionWhat are the different types of errors that are found in the books of accounts?
- A type of impropriety that is hard to find is cheating that comes from:a. More transaction presentationb. Transactions are not recordedc. Transactions are recorded on subsidiary companiesd. Receivables from related partiesWhat is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?Explain why the ledger can still contain errors even through the trial balance is in balance. Give examples of two such types of errors
- Why is it necessary to account for dubious accounts in receivables accounting? Is it really necessary? Give an explanation for your response. Please explain exact answerWhich of the following is NOT a purpose of control accounts? O a. to identify all errors where the trial balance agrees O b. to provide a total for trade receivables and trade payables О с. to verify the accuracy of the individual ledger accounts O d. to assist in the preparation of financial statementsWhere the correct accounts are used but each item is shown on the wrong side of the account is an example of which type of error? a. Error of transposition b. Error of partial omission c. Complete reversal d. Error of compensation