The trial balance and the correction of errors quiz: N(A)-Level Principles of Accounts (SEAB 7086) quiz

That the books contain no errors at all

That all source documents are filed

That the business made a profit

That the double entry is arithmetically correct

The credit side

The debit side

Neither side

Both sides

Recording a sale of $90$ as $900$ on both sides

Recording the purchase of a machine in the purchases account

Leaving a transaction out of the books entirely

Posting a customer's payment to the wrong customer

Posting only the debit side of a transaction

Omitting one half of a double entry

An error of commission

Recording a debit twice

To record the owner's drawings

To list all the assets

To store cash overnight

To temporarily hold the difference when a trial balance does not agree

A credit balance of $300$

A debit balance of $300$

A debit balance of $600$

No suspense account is needed

By using a suspense account

By a normal two-sided journal entry

By ignoring them

By redoing the whole ledger

Error of commission

Error of principle

Error of omission

Compensating error

Errors of omission

Errors of principle

Errors of reversal

Compensating errors

Because the same wrong figure is used on both the debit and the credit

Because only the debit is recorded

Because no entry is made

Because the suspense account corrects it automatically

$40$

$80$

$0$

$120$

When the financial statements are signed

When the owner adds more capital

When all one-sided errors have been found and corrected

At the start of each month

Liabilities, income and capital

Only the bank balance

Only sales

Assets, expenses and drawings