Why should balance sheet always get tallied ?

Question Posted / ritesh.k

3 Answers
8476 Views
I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

Why should balance sheet always get tallied ?..

Answer / ritesh.k

bakance sheet shuld always get tallied as we follow double
entry book keeping system &according to it every Dr. should
have corresponding Cr. & until balnce sheet dont get
tallied it dont show the proper financial picture of the
company or a person.

Is This Answer Correct ?

10 Yes

2 No

Why should balance sheet always get tallied ?..

Answer / ashwin.khambete

the main reason behind is we follow dual aspect concept and all the transactions if posted correctly gives the same figure on both the sides.

Is This Answer Correct ?

2 Yes

1 No

Why should balance sheet always get tallied ?..

Answer / h.r. sreepada bhagi

Balance should match, otherwise it is not correct. This is
because of Dual Aspect Concept (i.e. Debit & credit in every
business transaction should match) If Balance Sheet does not
match, it can not be called by that name (It will be
incorrect & so will be IMBALANCE SHEET)

Is This Answer Correct ?

2 Yes

1 No

Post New Answer

More Accounting AllOther Interview Questions

send me accounting test ppaers

0 Answers HP,

OBJECTIVES OF ACCOUNTING ?

9 Answers IBM, State Bank Of India SBI,

EXPAND___________NAA

0 Answers

Dear Sir, In A Purchase Function Hw can we justify The rate given by the supplier, dealerrs & mfgs are actual rate. is there any parameter.hw can we find the actual rate of particular items.

1 Answers ABC,

Contra entry with example?

40 Answers Industrial Power Supplies, PVS Advertising,

wat is the online accounting ?please explain this?

1 Answers

EXPAND___________IMA

0 Answers

what is meant by transposition error

0 Answers

Hi, I would like to check if my understanding is correct I have a negative amount for provision of income tax in my balance sheet from my previous financial year.What are the accounting treatments for income tax paid and then refunded to you for the current year? Is this correct? For payment Dr provision of income tax cr bank For tax refund Cr provision of income tax Dr bank Do I need to input anything in income tax expense acct?

0 Answers

what type of invoices used in small companies-for the process of accounts receivable.

3 Answers Wipro,

why is nifty lower than sensex?

1 Answers Union Bank,

what is the formula for profit margin?

7 Answers Capital IQ, Nalco,

For more Accounting AllOther Interview Questions Click Here