The preparation of a Trial Balance helps in :

locating errors of complete omission

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locating errors of principle

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locating errors of commission

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none of these

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Solution

The correct option is B none of these
The main objective of the trial balance is to ascertain the accuracy of accounts and locating errors. There are errors because of which the trial balance doesn't tally. While there are other errors where the trial balance tallies but the result will be incorrect.
Error of complete omission, an error of principle, and error of commission are those errors that do not affect the agreement of trial balance.

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Similar questions

Q. State whether the following statement is True or False.
Preparation of trial balance helps in locating accounting errors.

Q. State whether the following statements are True or False:
Preparation of trial balance helps in locating an error of principle.

Q. Which of the following errors will be disclosed in the preparation of a 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.

Errors of commission of posting of wrong amounts in both the accounts can be revealed by Trial Balance. Is this statement correct?

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