principles of accountance

What is used in preparing Trial balance

•  

  General journal

• Ledger accounts

•  Balance sheet

• Specialized journals

Which of the following items influence the Trial balance agreement?

•  Partial omission of a transaction

•  Complete omission of a transaction

• Compensating errors

•  Deposit in transit

Trial balance is prepared to locate

•  Error of commission

• Error of principle

•  Error of omission

• None of these

Wages paid for construction of building are debited to wages account. It is

• Error of omission

• Error of commission

• Error of principle

• Error of compensation

Suspense account is opted when ___ does not tally

• Trading account

• P&L account

• Balance sheet

• Trial balance

Value of scrap material must be

• Debited to manufacturing A/C

• Credited to manufacturing A/C

• Debited to P&L A/C

• None of these above

Loss by theft is debited to

• Manufacturing A/C

• P&L A/C

• Trading A/C

• Balance sheet

Unearned income A/C is

• An asset

• A liability

• An expense

• An accured income

Amount received in advance is

• A liability

• An asset

• An expenditure

• A contingent liability

Computers of a firm should be classified as

• Fixed asset

• Current asset

• Liquid asset

• Fictitious asset