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Even if Trial balance tallies.there will show some errors
why? what is the reason?
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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 |
Expand---------PCDB
deferred revenue expenditure
Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
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