Trial Balance Flashcards
1
Q
What is one of the things the tribal balance will not highlight
A
Posting error
2
Q
Name the 6 types of errors associated with the trial balance?
A
Error of commission
Error of principle
Error of omission
Error of original entry
Complete reversal
Compensating error
3
Q
A ________ error is an error that is placed in the wrong persons account but has correct figures
A
Error of commission
4
Q
TRUE OR FALSE; The compensating error is defined as errors that cancel each other out?
A
TRUE
5
Q
FILL IN THE BLANK “ The closing inventory for one period becomes _______ ________ for the next period and ______ found in the trail balance”
A
Opening inventory
Isn’t
