State with reasons whether the following statement is true or false:
Any type of error affects the agreement of Trial Balance.

True

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False

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Solution

The correct option is B False
False. Not all types of errors affects the agreement of trial balance. Errors of complete omission, compensating errors do not affect the agreement of trial balance. Errors of principle, commission and partial omission affect the agreement of trial balance.

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Similar questions

Q. State whether the following statements are True or False:
Compensating errors affect the agreement of trial balance.

Q. State with reasons whether the following statement is true or false:
Compensating errors do not disturb agreement of Trial Balance.

Q. State whether the following statements are True or False:
Errors affecting the agreement of trial balance are called one side errors.

Q. State with reasons whether the following statement is true or false:
Rectification of errors are necessary to tally 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.

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State with reasons whether the following statement is true or false:Any type of error affects the agreement of Trial Balance.

The correct option is B FalseFalse. Not all types of errors affects the agreement of trial balance. Errors of complete omission, compensating errors do not affect the agreement of trial balance. Errors of principle, commission and partial omission affect the agreement of trial balance.

State with reasons whether the following statement is true or false:
Any type of error affects the agreement of Trial Balance.

The correct option is B False
False. Not all types of errors affects the agreement of trial balance. Errors of complete omission, compensating errors do not affect the agreement of trial balance. Errors of principle, commission and partial omission affect the agreement of trial balance.