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What happens if an account is omitted from the trial balance?
What happens if an account is omitted from the trial balance?
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Practice Questions
1 question
Q1
What happens if an account is omitted from the trial balance?
The trial balance will still balance
The trial balance will be out of balance
It will not affect the financial statements
It will only affect the cash flow statement
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If an account is omitted from the trial balance, it will cause the trial balance to be out of balance.
Questions & Step-by-step Solutions
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Q
Q: What happens if an account is omitted from the trial balance?
Solution:
If an account is omitted from the trial balance, it will cause the trial balance to be out of balance.
Steps: 5
Show Steps
Step 1: Understand what a trial balance is. A trial balance is a list of all accounts in the accounting system with their balances.
Step 2: Know that all debits and credits should equal each other in a trial balance.
Step 3: If an account is omitted, it means that one side (debits or credits) is missing a number.
Step 4: When you calculate the total of the trial balance, the missing account will cause the totals to not match.
Step 5: This mismatch indicates that there is an error, and the trial balance is 'out of balance'.
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