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if accountant miss the journal entry of outstanding
expenses. since its is a error of omission it cannot affect
the Trial Balance how we auditor find it out.

Question Posted / ruchi

Answers were Sorted based on User's Feedback



if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / rahul

Main reason for creating provision for outstanding expenses
some of the amount for the year ending has to be created in
order determine the amount of expenditure actual going to
incurred in that month

Is This Answer Correct ?    25 Yes 7 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / ca vikash banthia

auditor should check the payments made in next months
whether there is payment made related to previous year.

Is This Answer Correct ?    18 Yes 1 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / s

All Payable entries create under liabilities group, sapose
mar month expenses payables like salaries payable,
electricity payables we have to pay coming next month ... so
in that period mar month liability shoing Cr Balance so, in
Trial balance it will show as a liability...

Is This Answer Correct ?    19 Yes 5 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / sangita

It should have provision of entry so that no amount would
leftover for an accounting year which are definitely going
to inccured in future during an accounting year.It should be
added up with all other expenses in the P&L A/C and should
be treated as a liabilities in the Balance Sheet.

Is This Answer Correct ?    15 Yes 2 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / sushil varshney

audiors should check he bokking of exps. like Telephone,
Elecricity,water, Security Exps. etc.. All the exps. should
be booked for the entire 12 months by this auditor can find
out the missing provision entries.

Auditor can find it by seeing the exps. entries of April &
May next year as most of the exps. must have been entered
by that time.

Is This Answer Correct ?    9 Yes 1 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / niraj prakash (ffil)

If there is a practce of a company to debit outstanding
liabilities in case of all exps payments which is related
with last year , we can easily check through the ledger of
outstanding liabilities.We should maintain every year
ledger reconciliation sysmem in case of outstanding
liabilities.

Is This Answer Correct ?    3 Yes 2 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / sham

If an entry is miss by an accountant to enter in the books,
which can be find out on the basis of monthly booking of
the particular expense. Example, Rent is always booked on
monthly basis, if one month rent is forget to book in the
books of accounts, it can be found on the basis of monthly
booking status.

Is This Answer Correct ?    4 Yes 3 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / jeyalakshmi

all outstanding expenses are fully omitted, so they could
not affect the trial balance

Is This Answer Correct ?    0 Yes 0 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / jyoti

no affect trail balance because it is a fully omission affect.
outstanding exp entry are miss in journal .

Is This Answer Correct ?    6 Yes 8 No

if accountant miss the journal entry of outstanding expenses. since its is a error of omission it ..

Answer / ravindra mohan

It is only practical to find this missing entry, if there
is a separate sub-ledger for the expenses creditor wise. In
such case, the total from sub-ledger should tally with
amount in the account.

Not practical otherwise.

Is This Answer Correct ?    0 Yes 4 No

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