Compensating Errors
Trending Questions
Which of the following errors do not effect trial balance
Casting errors
Both A & B
Errors of Omission
Compensating errors
Compensating errors do not effect the trial balance. Is the statement correct?
No
Not sure
Yes
Partially Correct
If a sale of Rs 500 to Ram is debited as only of Rs 50 to his account, while a sale of Rs 50 to Shyam is debited as of Rs 500 to his account, then which type of error is this?
Errors of omission
Errors of Commission
Errors of Principle
Compensating Error
When an amount of Rs 327 to be written on debit side is written as Rs 237 and at the same an amount of Rs 546 is written as Rs 456 on the credit side. Will these errors be revealed by the Trial Balance?
Yes
No
Can not say
Maybe
If there is a compensating error in books, then the totals of debits & credits shall not tally in the Trial Balance. Is this Correct?
No
Yes
Partially Correct
Not sure
If the fixed assets account is incorrectly totaled and understated by 600, and the rent account is incorrectly totaled and overstated by 600, then which type of error is this:
Errors of omission
Errors of Commission
Compensating Errors
None of the above
- Wasting assets
- Intangible assets
- Current assets
- Fictitious assets
- Errors of complete omission
- Errors of Principle
- Compensating Errors
- Posting a correct amount to the correct account but on incorrect side
Using Model-III* discuss the series of SQL statements to produce a trial balance up to a particular date.
*Since, only Model-1 and II have been discussed in this chapter, accordingly we have attempted the question using Model-I only.
- Intangible assets
- Fictitious assets
- All of these
- Wasting assets
When he lent me (A) some books, he asked (B) me to return then back (C) by the end of the month (D) No Error (E).
- A
- E
- B
- D
- C