Errors That Do Not Affect The Trial Balance - SS1 Accounting Past Questions and Answers - page 1
Which type of error in accounting does not affect the trial balance?
Errors of omission
Errors of commission
Errors of principle
Compensating error
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What is an error of principle in accounting that does not affect the trial balance?
Recording an incorrect amount for a transaction
Recording a transaction in the wrong accounting period
Not following an accounting principle
Recording a transaction twice
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What is the purpose of identifying and correcting errors in accounting that do not affect the trial balance?
To ensure the accuracy of financial information
To increase profits
To reduce expenses
To improve employee morale
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What is the impact of compensating errors on the trial balance?
They cause an imbalance in the trial balance
They cancel each other out and the trial balance remains accurate
They affect only the credit side of the trial balance
They affect only the debit side of the trial balance
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Which type of error in accounting affects the trial balance by recording a transaction in the wrong accounting period?
Errors of omission
Errors of commission
Errors of principle
Errors of timing
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How can an error of principle in accounting affect a company's financial statements?
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What is the difference between an error of omission and an error of commission in accounting?
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