Class 11 Accountancy - Chapter Trail Balance and Rectification of Errors NCERT Solutions | State the meaning of a trial balance?

Which of following errors will be rectified through suspense account:

(a) Sales return book undercast by Rs. 1,000.
(b) Sales return by Madhu Rs. 1,000 not recorded.
(c) Sales return by Madhu Rs. 1,000 recorded as Rs. 100.
(d) Sales return by Madhu Rs. 1,000 recorded through purchases returns book.

A Trial balance is prepared:

(a) After preparation financial statement.
(b) After recording transactions in subsidiary books.
(c) After posting to ledger is complete.
(d) After posting to ledger is complete and accounts have been balanced.

If suspense account does not balance off even after rectification of errors it implies that:

(a) There are some one sided errors only in the books yet to be located.
(b) There are no more errors yet to be located.
(c) There are some two sided errors only yet to be located.
(d) There may be both one sided errors and two sided errors yet to be located.

If the trial balance agrees, it implies that:

(a) There is no error in the books.
(b) There may be two sided errors in the book.
(c) There may be one sided error in the books.
(d) There may be both two sided and one sided errors in the books.

Which of the following is not an error of commission:

(a) Overcasting of sales book.
(b) Credit sales to Ramesh  5,000 credited to his account.
(c) Wrong balancing of machinery account.
(d) Cash sales not recorded in cash book.

Depreciation written off on furniture  1,500 was not posted to depreciation account.
This is an error of ..................................
The wrong effect has been:

The correct effect should have been:

The rectification entry will be.

Trial balance is:

(a) An account.
(b) A statement.
(c) A subsidiary book.
(d) A principal book.

Record the rectification entry for the following transactions:

Credit sales to Rajni 5,000 recorded in Purchases book:
This is an error of ..........................................
State the wrong entry recorded in the book of accounts

Correct effect should have been:

The rectification entry will be:

Tick the Correct Answer

Agreement of trial balance is affected by:

(a) One sided errors only.
(b) Two sided errors only.
(c) Both (a) and (b).
(d) None of the above.

Which of the following is not an error of principle:

(a) Purchase of furniture debited to purchases account.
(b) Repairs on the overhauling of second hand machinery purchased debited to repairs account.
(c) Cash received from Manoj posted to Saroj.
(d) Sale of old car credited to sales account.

Name any two types of commonly used negotiable instruments.

Why is it necessary to record the adjusting entries in the preparation of final accounts?

State the meaning of incomplete records?

What is ‘Depreciation’?

Briefly state how the cash book is both journal and a ledger.

State the four basic requirements of a database applications.

Define accounting.

State the different elements of a computer system.

Why is it necessary for accountants to assume that business entity will remain a going concern?

State the need for the preparation of bank reconciliation statement?

Give examples of two types of operating systems.

A bank reconciliation statement is prepared with the balance:
  (a) Passbook                                           (b) Cash book
  (c) Both passbook and cash book           (d) None of these

Select the Correct Answer:

A bank reconciliation statement is prepared by:
  (a) Creditors                                     (b) Bank
  (c) Account holder in a bank            (d) Debtors

Explain the process of preparing bank reconciliation statement with amended cash balance.

If a transaction is properly analysed and recorded:
(a) Only two accounts will be used to record the transaction.
(b) One account will be used to record transaction.
(c) One account balance will increase and another will decrease.
(d) Total amount debited will equals total amount credited.

When a firm maintains a cash book, it need not maintain ;
(i) Journal Proper
(ii) Purchases (journal) book
(iii) Sales (journal) book
(iv) Bank and cash account in the ledger

Opening capital is ascertained by preparing :

  (a) Total debtors account      (b) Total creditors account
  (c) Cash account                  (d) Opening statement of affairs

Give any three examples of revenues.

Are debits or credits listed first in journal entries? Are debits or credits indented?

What is the basic accounting equation?