If there is an error in trial balance which is not affecting its total, will it affect any accounting procedure?

Yes

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Partly Yes

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Solution

The correct option is B No
If trial balance agrees, it is assumes that the books are arithmetically correct. But it does proves that the books are error free. There are errors which does not give any effect in the total of trial balance but errors are prevailing in the books. But such errors will not affect any accounting procedure.

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Similar questions

Q. Which of the following statements is/are true?
(i) An error in casting the subsidiary books is an error of commission.
(ii) An error in wrong casting of the sales day book will not affect the personal accounts of debtors.
(iii) Mistake in transferring the balance of an account to the trial balance will not affect the agreement of the trial balance.
(iv) The mistake of treating a liability as an income or vice versa will not affect the agreement of a trial balance.
The correct answer is -

Q. account is temporarily opened to rectify the errors affecting the trial balance.

State whether the following statements are True or False-

1) A trial balance can agree in spite of certain errors.
2) Errors committed due to lack of accounting knowledge are errors of omission.
3) Trial balance is prepared from the balance of ledger accounts.
4) Rectification entries are passed in cash book.
5) Single sided errors affect only one account.
6) Suspense account is automatically closed after rectification of all errors.
7) Errors affecting the agreement of trial balance are called on side errors.
8) There is no need to open a suspense account if the trial balance agrees.
9) All the errors can be rectified only through suspense account.
10) Compensating errors affect the agreement of trial balance.

Q. Which of the following errors will not affect the Trial Balance ?

Errors that affect one account will affect the agreement of the Trail balance. If the errors cannot be located immediately and rectified, then the difference in trial balance is kept in a separate account called ___

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