If there is a compensating error in books, then the totals of debits & credits shall not tally in the Trial Balance. Is this Correct?

Yes

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Partially Correct

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Not sure

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Solution

The correct option is B
No

The trial balance totals for total debits and credits are correct, but different account balances are incorrect.

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Similar questions

An error involving wrong totaling of special books shall be revealed by the Trial Balance. Is this statement correct?

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Subsidiary books do not have both the debit and credit sides. They simply have either debit or credit balance. Is this statement correct?

After the corrections have been made, a revised Trial Balance is prepared which should normally tally. But, if it does not tally, it means there are still some errors which have not been detected. In such situation the usual practice is to place the difference to ___ Account and tally the Trial Balance for the time being.

Q. If the trial balance do not agree after transferring the balance of ledger accounts including cash and bank balance and also errors are not located timely, then the trial balance is tallied by transferring the difference of debit and credit side to an account known as -

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If there is a compensating error in books, then the totals of debits & credits shall not tally in the Trial Balance. Is this Correct?

The correct option is B No The trial balance totals for total debits and credits are correct, but different account balances are incorrect.

The correct option is B
No

The trial balance totals for total debits and credits are correct, but different account balances are incorrect.