Which of the following types of errors do not affect the agreement of trial balance?

Omission of an entry altogether from subsidiary books.

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Errors of principle.

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Posting an amount on correct side but wrong account.

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All the three.

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Solution

The correct option is D All the three.
One-sided error always affects the agreement of trial balance.
Whereas errors which are either two-sided error or principle error will not affect the trial balance. In the below cases, the trial balance will always be tallied and does not have any difference:

Omission of an entry altogether from subsidiary books.
For example- sales of Rs.300 to Mr Shyam is omitted to be recorded in books.

The error of principle
For example- the purchase of machinery of Rs.5000 is debited to the purchase account.
Posting of an amount on the correct side but the wrong amount
For example- an amount of Rs.600 credited in Shyam's account instead of Ram's a/c.

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Similar questions

Give one word/term on phrase for each of the following statements.

1) Errors of incorrect entries or wrong posting.
2) Account to which difference in trial balance is transferred.
3) Errors which are committed by clerks.
4) Transaction remained to be recorded at all in the books of accounts.
5) Error in which the effect of one mistake is nullified by another mistake.
6) An entry passed to cancel wrong effects given and give correct effects to accounts affected.
7) Errors of calculation.
8) Error which affects the agreement of trial balance.
9) Error which are not disclosed by the trial balance.
10) Taking the Total more while closing books of accounts

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 -

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. Pending the location of errors in the books of accounts that affect the agreement of the Trial Balance, the difference disclosed is normally posted to ______________

In case of Errors of Principle, there is no effect on the Trial Balance as the amounts are placed on the correct side of the Trial Balance though in wrong accounts. Is the above statement correct?

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