Trial balance is commonly prepared ?
A. At the end of an accounting period
B. At the end of a year
C. Frequently during the year
D. At the end of a month
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Which of the following will affect the agreement of a trial balance ?
A. Partial omission of a transaction
B. Compensating errors
C. Complete omission of a transaction
D. Error of principle
_____ is the common base for preparing a trial balance ?
A. Specialized journals
B. Balance sheet
C. General Journal
D. Ledger accounts
Trial balance is prepared to check accuracy of ________ ?
A. Cash flow statement balances
B. Ledger accounts balances
C. Balance sheet balances
D. Income statement balances
Institute of Chartered Accountants of Pakistan was established in ______ ?
A. 2006
B. 1949
C. 1997
D. 1961
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of ______ ?
A. Error of omission
B. Error of duplication
C. Error of principle
D. Error of commission
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of _____ ?
A. Error of commission
B. Error of principle
C. Error of omission
D. Compensating error
The systems of accounting are _____ ?
A. SixB. TwoC. ThreeD. Five
Unsold goods are ________ ?
A. Purchases
B. Inventory
C. Equity
D. Sale return
Debts which are payable in the course of a month are called ______ ?
A. Current liabilities
B. Liquid Liabilities
C. External liabilities
D. Fixed liabilities