If opening entry is not passed _______________.

Trial Balance will not be tallied

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Balance Sheet will not be tallied

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Both trial balance & Balance Sheet will be tallied

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None of these

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Solution

The correct option is C Both trial balance & Balance Sheet will be tallied
Opening entries are all the entries that are carried forward from the previous years Closing balance sheet. This is an error of omission where entry is not recorded. Errors of omission do not matter in the balance sheet and trial balance as debit and credit both are not recorded and balance sheet records only closing entries.

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Similar questions

Q. A trial balance will not balance if ______________.

Q. A trial balance will not tally if _______.

State true or false:

1) A Trial balance is an account.
2) A Trial balance is helpful for preparation of final accounts.
3) A Trial balance is most important document.
4) A Trial balance may be prepared on any date.
5) In Trial balance opening stock is recorded in credit balance column.
6) Both sides total of an account are taken in Gross Trial Balance.
7) Purchase account always shows debit balance.
8) A Trial balance is a List of Ledger balances.
9) A Trial balance does not ensure accounting accuracy.
10) A Trial balance shows only arithmetical accuracy.

Q. The Trial balance of Mr. A shows the balance of Opening stock Rs 20,000, what will be the treatment ?

Distinguish between a balance sheet and trial balance.

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