What is a Trial Balance? State its objectives and characteristics. Give some reasons for disagreement of the Trial Balance. A ’Trial Balance’ is a list of all the General ledger accounts (both revenue and capital) contained in the ledger of a business. This list will contain the name of the nominal ledger account and the value of that nominal ledger account. The value of the nominal ledger will hold either a debit balance value or a credit balance value. The debit balance values will be listed
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examples. (10 Marks) 2. Explain any two types of errors that are disclosed by trial balance with examples and rectification entry. Note - Avoid giving examples given in the self learning material. (10 marks) Nov 2010 3. Let us assume you have been recently appointed as Management Accountant of a small but upcoming firm. Your immediate supervisor has asked you to prepare certain financial ratios from the balance sheet of one of their clients M/s Vinod Enterprise. Liabilities Amount Assets
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b) If the trial balance can be ‘in balance’ and still have errors‚ give examples of the type of errors that can occur leaving the trial balance in balance. For example‚ if $523 is the correct amount to be entered for both credit and debit side but entered $532‚ trial balance will show the same amounts for both debit and credit side but contains error. In addition‚ reverse entries can cause trial balance to be in balance but still contains error. For example‚ instead of recording debit
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INTRODUCTION: Trial balance is a statement which shows debit balances and credit balances of all accounts in the ledger. Since‚ every debit should have a corresponding credit as per the rules of double entry system‚ the total of the debit balances and credit balances should tally (agree). In case‚ there is a difference‚ one has to check the correctness of the balances brought forward from the respective accounts. Trial balance can be prepared in any date provided accounts are balanced. DEFINITION
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September 2010 What is the Purpose of War? War is used as a method for feuding countries as a way of solving conflict‚ when in reality‚ that is not the solution to a problem at all. War can be described as the waging of armed conflict against an enemy‚ an act to fight for what is right‚ or a harmful way of getting what one desires. We may not know what exactly war is but we do know its purpose. Every war is not the same‚ neither are its purposes. Wars have numerous purposes‚ from maintaining
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2011 Interest allowed by bank Rs. 8‚000 Classification of accounting equation approach with meaning and examples Analysis of transaction –with accounts involved-nature of accountaffects and debit/credit 2 4 10 6 The following trial balance was extracted from the books of Chetan‚ a small businessman. Do you think it is correct? If not‚ rewrite it in the correct form. Debits Stock Purchases Returns outwards Rs. Credits 8250 Capital 12750 Sales 700 Returns inwards
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Chapter 2‚ Illustrative Problem 1 Entries into T accounts and trial balance Daphne Ebert‚ an interior design consultant‚ established a professional services corporation known as Daphne Designs‚ Inc. on August 1 of the current year. During the month‚ she opened an office and completed the following transactions connected with her professional practice: a. Daphne deposited $32‚500 drawn on her personal bank account to a business account opened under the name of Daphne’s Designs in exchange
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is taking place.” (Presley‚ C 2011) We can’t deny that we are living among dangerous of crime so prison is built for imprisoning people who violate. But what is the main purpose of prison? Presley‚ C (2011) Crime is everywhere‚ accessed 30th November 2012‚ < http://www.examiner.com/article/crime-is-everywhere> There are 4 purposes of prisons‚ the first one is retribution that means criminals have to pay a debt to society for their crimes by they are punished into the prisons and detain
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Keana Saunders Matthusen English Compositions 13 December 2012 What Is The Purpose of Education? Many students feel as though they are mandated to go to school. Should they feel this animosity toward education? Or is it just a personal pleasure for those who enjoy it? The purpose of education is to enhance one’s human values‚ create financial stability‚ and promote knowledge. The education system is flawed in these areas‚ they must work on
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diversity in the school at the same time embrace their cultural heritage * Become responsible and productive citizens PHILOSOPHY: * Every student at Tafuna High School will learn to be physically‚ mentally‚ and socially fit. PURPOSE: The purpose of the education program at Tafuna High School is: * To enrich students with knowledge so that they will value education‚ foster good character‚ confidence‚ respect diversity‚ and are prepared to become productive citizens. GOAL:
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