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Meaning of Trial Balance

If a transact...

Question

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

A

Yes

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B

No

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C

Transactions can not be omitted

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D

None of the above

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Solution

The correct option is B
No

Wherein the full transaction is omitted from the books of accounts, it does not effect the agreement of Trial Balance in any manner.

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Wherein the full transaction is omitted from the books of accounts, it is known as:

Q. When the full transaction is omitted from the books of account, it is knows as errors of .

Q. When a transaction has been omitted to be recorded in the books of account completely or partially, the mistake or error is called error of __________.

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The correct answer is -

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