BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following errors is not disclosed in the trial balance?
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entries made to wrong side of the each account
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transactions omitted entirely or put in twice
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a transaction posted to only one account
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entries made in the wrong account but on the correct side.
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Explanation:
Detailed explanation-1: -Error of complete omission – If a transaction is completely omitted or not recorded in the journal or any subsidiary books, it is termed as error of omission. Such error will not effect the trial balance as it is not recorded on the debit side of an account nor on the credit side of another account.
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