Trial Balance and Accounting Errors — Flashcards
NIOS · Class 10 · Accountancy
35 flashcards for Trial Balance and Accounting Errors (NIOS Class 10 Accountancy) to test yourself on key terms and facts.
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What is a Trial Balance?
Answer
Trial Balance is a statement prepared by taking up the debit and credit totals or balances of all ledger accounts on a particular date. It is not an account; it is only a statement.
Why is a Trial Balance prepared?
Answer
A Trial Balance is prepared to check the arithmetical accuracy of the books, help in preparing final accounts, compare present account balances with previous balances, and help in making financial bud…
What does it mean when the debit and credit totals of the Trial Balance agree?
Answer
When the totals of debit and credit columns tally, it is a preliminary proof of arithmetical accuracy. It shows that the accounts have been prepared according to the rules of double entry, but it does…
Why is agreement of the Trial Balance not a conclusive proof of accuracy?
Answer
Agreement of the trial balance is not a conclusive proof of the accuracy of the accounts because some errors do not affect the trial balance at all, such as errors of complete omission, compensating e…
What is a Suspense Account?
Answer
A Suspense Account is opened to record the difference on the shorter side of the Trial Balance when it does not agree. Later, errors affecting the Trial Balance are rectified through it, and then it i…
Which enterprises prepare a Trial Balance?
Answer
A Trial Balance is prepared only by enterprises using the double entry system.
How does Trial Balance help in comparison of accounts?
Answer
It helps in comparing the present balance of an account with the previous period balance. This makes it possible to notice increase or decrease in balances over time.
What is a trial balance in simple terms?
Answer
It is a list of ledger account balances shown in two columns, one for debit balances and one for credit balances, prepared on a particular date.
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