Which error cannot be revealed on the preparation of trial balance?
A. Wrong totalling of account
B. Compensatory errors
C. Error of commission
D. Wrong balancing of an account
Answer: Option B
A. Wrong totalling of account
B. Compensatory errors
C. Error of commission
D. Wrong balancing of an account
Answer: Option B
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
Why error of commission is not revealed by a trial balance