Accountancy Part I - Trial Balance and Rectification of Errors
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Preview questions
1. What is the primary purpose of preparing a trial balance?
To check the accuracy of transactions · To determine the profit or loss · To prepare financial statements · To calculate tax liabilities
2. Which of the following errors will not affect the trial balance?
Error of omission · Error of commission · Compensating error · Error of principle
3. If the trial balance does not tally, what is the first step in rectification?
Recheck the ledger accounts · Prepare a new trial balance · Identify the errors · Consult with a colleague
4. Which error involves recording a transaction in the wrong account but with the correct amount?
Error of principle · Error of commission · Error of omission · Compensating error
5. An error where both the debit and credit sides are equally affected is known as:
Error of omission · Compensating error · Error of principle · Error of commission
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