Trial balance is not a conclusive proof of accuracy due to which errors.
I)Error of omission
II)Error of Principle
III)Error of Commission
IV)Compensatory Errors

Related MCQs

• In trial balance, which accounts with is/are recorded at the credit side? I)Sales II)Sales return III)Cash IV)Loan
• In the books of account if a transaction is completely deleted, will it affect the trial balance?
• If closing stock is mentioned in trial balance,Where is it shown in Final Accounts?
• Where do we show Provision of bad debts in final accounts if given in adjustments? I)Debit side of P&L II)Credit side of P&L III)Deduct from Debtors in Balance Sheet IV)Add to Debtors in Balance Sheet
•                         refers to the order in which the various assets and liabilities are shown in the Balance Sheet.
• 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
• According to which principle the same accounting methods should be used each year:
• 1 oct Opening balance=400 units @Rs 20 each, 3 Oct:Purchase=300 units @Rs 10 ,5 Oct Sales=500 units.What will be total Sales value(in Rs) as per FIFO Method?
• 2 oct Opening balance=200 units @Rs 15 each, 4 Oct:Purchase=500 units @Rs 10 ,5 Oct Sales=600 units.What will be Closing Inventory value (in Rs) as per LIFO Method?
• What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book