If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain.

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: 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: 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: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

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: 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 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: When do you prepare the Adjusted Trial Balance? After the Adjusted trial balance has been prepared,…

A: The trial balance that contains adjustments is an internal record of the firm that contains all the…

Q: Prepare the unadjusted trial balance

A: Unadjusted trial balance is the summary of all general ledger account balances of the business…

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: What is the major difference between the unadjusted trial balance and the adjusted trial balance?…

A: An adjusted trial balance is made after all changing or adjusting entries have been posted into the…

Q: 1) When an item of expense is paid and recorded inadvance, it is normally called a(n)

A: Cash may be paid before or after incurring expense.

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: 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: Which of the following is provided by a trial balance inwhich total debits equal total credits?a.…

A: Trial balance: Trial balance is a statement contains all ledger accounts balances.

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: Which of the following errors, each considered individually, would cause the trial balance to be out…

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

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: 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: 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: he collection of customer’s account is credited to accounts payable. What is the effect of the error…

A: Answer) The correct Option is (D) No Effect Justifications: If collection from customer is credited…

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: 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: 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: 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: record all transactions in accounting

A: Transactions are recorded to get a true picture of the state of affairs of a business during a…

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: ment of supplier’s account is debited to accounts receivable. What is the effect of the error in…

A: Supplier account is an account payables account classified under current liabilities .Accounts…

Q: Which of the follovwing errors cannot be detected by the trial balance? a Incorrect accounts were…

A: Trial balance: Trial balance is a record drafted after completing the posting of all the journal…

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: The payment of supplier’s account is debited to accounts receivable. What is the effect of the error…

A: The Account Receivables are assets for the firm and Account Payables are liability for the firm. The…

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…