The trial balance and the correction of errors quiz: O-Level Principles of Accounts (SEAB/Cambridge 7087) quiz

That the books are completely free of errors

That no transactions have been omitted

That the business has made a profit

That equal debits and credits have been recorded, so the arithmetic of the double entry is correct

An error of complete reversal of entries

A debit entry with no matching credit

Posting a figure to the debit side twice

Omitting only the credit side of a transaction

Error of omission

Error of principle

Error of original entry

Compensating error

Error of principle

Error of omission

Error of commission

Complete reversal of entries

A credit of $400$ in the suspense account

No entry is needed

A debit of $123{,}400$ in the suspense account

A debit of $400$ in the suspense account

To hold the difference on a trial balance that does not agree until the errors are found and corrected

To record cash sales

To value inventory

To record drawings

The trial balance will not agree and a suspense account is needed

The trial balance still agrees, because neither the debit nor the credit was recorded

Profit is increased by $500$

It is an error of commission

Debit sales $900$; credit the customer $900$

Debit the customer $900$; credit suspense $900$

Debit suspense $900$; credit the customer $900$

Debit the customer $900$; credit sales $900$

Profit is understated by $1{,}000$

Profit is unaffected

Profit is overstated by $1{,}000$ because the expense was not charged

Profit falls by $2{,}000$

Error of original entry

Complete reversal of entries

Error of commission

Compensating error

A nil balance, so it can be closed

A debit balance equal to the original difference

A credit balance equal to the profit

The total of all corrections

Charging an omitted expense

Correcting a sale posted to the wrong customer's account

Capitalising an item wrongly recorded as an expense

Recording an omitted discount allowed