Practice How To Detect Errors? (2.5.2) - Journal, Ledger, and Trial Balance

Practice: How to Detect Errors?

Lesson 2.5.2Journal, Ledger, and Trial Balance

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10 questions

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3 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
4 questions · about 3 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
What is an error of omission?
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Think about what happens when something is forgotten.
Question 2.
Name one type of error.
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Consider how mistakes can be made during recording.
3Question 3.
What is the main purpose of the trial balance?
- To record transactions
- To ensure debits equal credits
- To prepare financial statements
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What does the trial balance help verify?
4Question 4.
True or False: Errors of principle are mistakes made when recording transactions.
- True
- False
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Think about if the principle guides how transactions should be recorded.
Question 5.
Given a trial balance where total debits are $20,000 and credits are $18,000, identify potential discrepancies and provide corrective actions.
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Investigate the ledger entries to identify what might be missing or incorrectly recorded.
Question 6.
A company's ledger has recorded a total of $1,500 for expenses, but the trial balance shows $1,700 in expenses. Determine what type of error may have occurred and suggest how to correct it.
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Re-check the addition for each expense account.

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