Even if Trial balance tallies.there will show some errors
why? what is the reason?
Answers were Sorted based on User's Feedback
Answer / satyaki_raju@yahoo.com
Before going for preperation of financial statements we
have to get tallied the trial balance. The trial balance
proves the arthematical accuracy of the books of accounts.
Even though it is tallied therer are some possibilities of
errors which canot be detected by trial balance they are
1.Errors of principle
2.Compensating errors
3.Errors of commission
4.errors of ommission
Is This Answer Correct ? | 17 Yes | 0 No |
Answer / venugopal redddy
Errors are of two types
1. Error of principal
2. Clerical Error
a. Compensating errors
b. Errors of commission
c. Errors of om mission
Is This Answer Correct ? | 3 Yes | 1 No |
Answer / sowmya
B'COZ THERE ARE SOME ERRORS THAT HAVE DOUBLE FOLD EFFECT
&HENCE THEY GET COMPENSATED .THERE WUD B NO EFFECT ON THE
FINAL RESULT
Is This Answer Correct ? | 2 Yes | 0 No |
Answer / anki
B'cos of compensating errors n errors of ommission as there
have double fold effect and have no effects on trial
balance respectively.
Is This Answer Correct ? | 2 Yes | 0 No |
What is money measurement concept
WHAT IS THE DIFFERENCE BETWEEN PUBLIC COMPANY AND PRIVATE COMPANY? MUTUAL FUNDS? GOOD WILL? ABOUT YOUR PROJECTS?
can a company libale to pay provident fund on employee's overtime ?
What is operating cycle?
what is format of Trial balance
i want the steps involved in the customization for the process order. my situations is if i take the process order for x qty then stores people can issue only x qty not less or not more. how to do this. pls help me
Under the accrual basis of accounting incomes are recognised at the time -------------------
What do you mean by Leverage?
How do you identify the amount of realised gain or loss on the disposal of an investment asset?
Why provisions are made & what will be the Journal entry for different types of provisions.
What problems might be encountered if there were no accounting standards?
What is service tax(input Credit)?