Alerts
Wishlist
Cart
Sign In
Categories
Current Affairs & GK
Current Affairs
Show All Current Affairs & GK
eBooks
General Aptitude
Arithmetic Aptitude
Data Interpretation
Show All General Aptitude
General Knowledge
Basic General Knowledge
General Science
Show All General Knowledge
Medical Science
Anatomy
Biochemical Engineering
Biochemistry
Biotechnology
Microbiology
Show All Medical Science
Technical
Database
Digital Electronics
Electronics
Networking
Show All Technical
Verbal and Reasoning
Logical Reasoning
Verbal Ability
Verbal Reasoning
Show All Verbal and Reasoning
›
In a trial balance, which of the following would indicate a potential error?
In a trial balance, which of the following would indicate a potential error?
Expand All
Collapse All
Practice Questions
1 question
Q1
In a trial balance, which of the following would indicate a potential error?
Total debits equal total credits
Total debits exceed total credits
Total credits exceed total debits
Both B and C
Show Solution
Copy
If total debits exceed total credits or total credits exceed total debits, it indicates a potential error in the accounting records.
Questions & Step-by-step Solutions
1 item
Q
Q: In a trial balance, which of the following would indicate a potential error?
Solution:
If total debits exceed total credits or total credits exceed total debits, it indicates a potential error in the accounting records.
Steps: 6
Show Steps
Step 1: Understand what a trial balance is. It is a list of all the accounts in the accounting records with their balances.
Step 2: Know that in a trial balance, the total amount of debits should equal the total amount of credits.
Step 3: Check the total debits. This is the sum of all debit balances in the accounts.
Step 4: Check the total credits. This is the sum of all credit balances in the accounts.
Step 5: Compare the total debits and total credits. They should be the same.
Step 6: If total debits are greater than total credits, or total credits are greater than total debits, it indicates a potential error.
Related Questions
I
If a company has a net income of $250,000 and total revenue of $1,000,000, what
Question: If a company has a net income of $250,000 and total revenue of $1,000,000, what is the pro..
A
A business incurs a loss of 15% on selling a product for $425. What was the cost
Question: A business incurs a loss of 15% on selling a product for $425. What was the cost price?Opt..
A
A firm has a current ratio of 2:1 and current liabilities of $50,000. What are t
Question: A firm has a current ratio of 2:1 and current liabilities of $50,000. What are the current..
I
If a product is sold for $240 after a discount of 20%, what was the original pri
Question: If a product is sold for $240 after a discount of 20%, what was the original price?Options..
I
If a company has total assets of $1,000,000 and total liabilities of $600,000, w
Question: If a company has total assets of $1,000,000 and total liabilities of $600,000, what is the..
‹
Biology (School & UG)
Chemistry (School & UG)
Civil Engineering
Commerce & Accountancy
Computer Science & IT
Current Affairs & GK
Data Structures & Algorithms
eBooks
Electrical & Electronics Engineering
English (School)
General Aptitude
General Knowledge
General Knowledge & Current Affairs
Languages & Literature
Law & Legal Studies
Major Competitive Exams
Mathematics (School)
Mechanical Engineering
Medical Science
Physics (School & Undergraduate)
Quantitative Aptitude & Reasoning
Social Science (School)
Technical
Verbal and Reasoning
Vocational & Skill Development
›
Soulshift Feedback
×
On a scale of 0–10, how likely are you to recommend
The Soulshift Academy
?
0
1
2
3
4
5
6
7
8
9
10
Not likely
Very likely
✕
↑
