The following error will affect the Trial Balance
A. Error of partial omission
B. Error of principle
C. Error of complete omission
D. All of the above
Answer: Option A
Solution(By Examveda Team)
Error of partial omission will affect the Trial Balance. This error occurs when a transaction that should have been posted as a debit is posted as credit, for example, in a cash sale, sales are debited and cash is credited.This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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