Totals method does not help in assuming _________of balances of various accounts.

Total of each side in the ledger

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Application of double entry system

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Accuracy

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None of the above

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Solution

The correct option is A Accuracy
Totals method is not in use widely as it does not determines the accurate balances of the accounts and thus, also does not help in the preparation of the Financial statements or final accounts.

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Similar questions

Q. __________ does not help in assuming accuracy of balances of various accounts and preparation of the financial statements.

Q. a) The balance of payments account of a country is constructed on the principle of double entry book-keeping
b) In balance of payment accounting, debits are shown on the left side and credits on the right side of the balance sheet
Of these :

Write the word, term, phrase, Which can substitute each of the following statement.

1) Transfer of a Journal entry from Journal to ledger.
2) Total of Debit side of an A/c is more than total of Credit side of an A/c.
3) Page number of ledger.
4) A book of an account in which all ledger accounts are maintained.
5) Left hand side of an account.
6) Right hand side of an account.
7) Types of accounts which are not balanced but transferred to Trading A/c or Profit & Loss A/c.
8) Bound book of accounts.
9) An account where total of Purchases Book is posted.
10) A statement of accounts prepared from the balances of ledger account.

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.

When balance of an account is a debit balance, on which side of the ledger account is the entry for balancing done?

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Totals method does not help in assuming _________of balances of various accounts.

The correct option is A AccuracyTotals method is not in use widely as it does not determines the accurate balances of the accounts and thus, also does not help in the preparation of the Financial statements or final accounts.

The correct option is A Accuracy
Totals method is not in use widely as it does not determines the accurate balances of the accounts and thus, also does not help in the preparation of the Financial statements or final accounts.