Question: explain any two types of errors that are disclosed by trial balance with examples and rectification entry.

explain any two types of errors that are disclosed by trial balance with examples and rectification entry.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

ANSWER Trial balance is a bookkeeping worksheet that lists all of the ledger accounts and their debi... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

IT is changing the nature of accounting and the role of accountants. Write a two-page report describing what you think will be the nature and the value of accounting function in a large company in...

Q:

Define Trial Balance and Explain the errors disclosed and not disclosed by trial balance with the help of suitable examples.

Q:

Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Q:

7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

Q:

A depreciation method that uses the capital cost, effective life and residual value is the: Capital expenditure is: What does the Accumulated depreciation account represent? Office equipment...

Q:

uestion: 1. IN A STOCK ACQUISITION ACCOUNTED FOR BY THE EQUITY METHOD, A PORTION OF THE PURCHASE PRICE OFTEN IS ATTRIBUTABLE TO GOODWILL OR TO SPECIFIC ASSETS OR LIABILITIES. HOW OR UNDER WHAT BASIS...

Q:

4.A) Mr. Moosa is an accounting student at Williams College, but he is not much aware of different types of errors that are disclosed by the Trial Balance. As a student at Shinas College of...

Q:

Hello my friend I need your help with a discussion post. I am enclosing the information. Thank you!! 4-1 4 Completing the Accounting Cycle Learning Objectives 1 2 Prepare closing entries and a...

Q:

the questions are in the attached in the files below Acct 3401 Financial Statements Assignment Requirements This assignment is due by the end of Sunday, May 7 via MyGateway submission link in the...

Q:

Study Guide Healthcare Statistics By Jacqueline K. Wilson, RHIA About the Author Jacqueline K. Wilson is a Registered Health Information Administrator (RHIA) who has more than ten years of experience...

Q:

The following trial balance has been extracted from the books of Lweendo, a sole trader, as at 3 1 March 2 0 2 4 : After extracting the above balances, the following errors and omissions were...

Q:

Down Under Boomerang, Inc., is considering a new three-year expansion project that requires an initial fixed asset investment of $2,800,000. The fixed asset will be depreciated straight-line to zero...

Q:

Martinez Manufacturing estimates that its WACC is 11 percent of Equity comes from retained earnings. However, if the company issues new stock to rise new equity , it estimates that its WACC will rise...

Q:

Which of the following tax credits cannot be carried forward? Charitable contribution amount. Tuition amount. Medical expenses amount. None of the above; all of these tax credits can be carried...

Q:

Use Solver to create a Sensitivity Report for question 35 at the end of Chapter 3 and answer the following questions. a. Is the solution degenerate? b. Is the solution unique? c. How much can the...

Q:

Use Solver to create a Sensitivity Report for question 14 at the end of Chapter 3, and answer the following questions: a. Is the solution degenerate? b. Is the solution unique? c. Suppose the profit...

Q:

Read the "Boeing" case study at the end of chapter 5 in the textbook. Create a PowerPoint presentation of 10-15 slides (including title and reference slides) that teaches one or more of the...

Q:

Consider the following LP problem: MIN: 5X1 + 3X2 + 4X3 Subject to: X1 + X2 + 2X3 2 5X1 + 3X2 + 2X3 1 X1, X2, X3 0 a. Use slack variables to rewrite this problem so that all its constraints are...

Q:

The financial statements of Starbucks Corporation are presented in Exhibits 1.261.28. The income tax note to those financial statements reveals the information regarding income taxes shown in Exhibit...

Q:

Paraphrase ( ( i ) "Organic" in the context of project organizations refers to a flexible, adaptable organizational structure that can respond effectively to changing environments and uncertainties....

Q:

Ajax Finance Ltd. (Ajax) provides small- and medium-sized personal, car, and business loans to clients. It has been operating for more than 10 years and run throughout its life by Bill Schultz. Bill...

Q:

What factors do auditors consider when deciding how much control testing to do?

Q:

Securimax Limited (Securimax) has been an audit client of KFP Partners (KFP) for the past 15 years. Securimax is based in Waterloo, Ontario, where it manufactures high-tech armour-plated personnel...

Q:

Describe the role played by defensive behaviors in a conflict situation and explain how to engage and encourage supportive behaviors.

Q:

Explain why violence is not a fact of life.

Q:

Explain the key concepts and assumptions that identify factors that play an important role in interpersonal conflict according to each theory.