What errors will not be disclosed by a trial balance

Assignment Help Financial Accounting
Reference no: EM132973910

You are preparing interim reports for the month ending 30 April 20x1 from a trial balance prepared by a clerical support officer. While the trial balance balances, the income statement and balance sheet do not look correct. You are surprised as you thought that if the trial "balances", all the accounts are correct.

Problem i. What are the key features of a trial balance?

Problem ii. What errors will not be disclosed by a trial balance?

Problem iii. What steps will you need to take to identify this error?

Reference no: EM132973910

Questions Cloud

How much is the ot premium charged to direct labor : The factory overhead application rate is P30 per direct labor hour. How much is the OT premium charged to direct labor
Determine the month two cash payments total : Revenue in month one of a new Vegan restaurant is forecast to be $45,000 and in month two $60,000. Determine the Month two cash payments total
Describe key features of a bank reconciliation process : Describe key features of a bank reconciliation process? Why is the bank reconciliation an important feature of internal control in an organisation?
Analyze the corporate-level strategies : Analyze the corporate-level strategies for the corporation you chose to determine the corporate-level strategy you think is most important to the long-term
What errors will not be disclosed by a trial balance : What errors will not be disclosed by a trial balance? You are preparing interim reports for the month ending 30 April 20x1 from a trial balance prepared.
International business assignment : Describe in details the internal and external factors effect on the organization in international business and how to evaluate?
Post the transactions to the T-accounts : The followsalon's transactions for the month of November. Journalize The transactions and post the transactions to the T-accounts
What is duty of care : What is duty of care? What does duty of care require of professionals working with vulnerable people? Are workers required to intervene in incidents where their
Providing legal assistance to a client seeking divorce : Katherine has come to the attorney's office where you work to discuss divorcing her husband of 8 years. She believes that she would like this office to represen

Reviews

Write a Review

Financial Accounting Questions & Answers

  List the gaap principle and a few words about the issue

List all the issues in the case. List the GAAP principle and a few words about the issue using case facts. i.e. revenue recognition, contract 123

  Describe the logic underlying the use of target weights

Describe the logic underlying the use of target weights to calculate the weighted average cost of capital (WACC) and compare this approach with the use

  Explain how risk of shares calculated by standard deviation

Explain how the risk of shares can be calculated by the standard deviation. Your explanation should include the usage of the dispersion statistics.

  Construct a conservative financing plan

Construct a conservative financing plan with 80% of assets financed by long-term sources. If Mckinsee's earnings before interest and taxes are $6,000,000

  What the cash generated from operations would have been

There was no change to trade receivables. Assuming that no other factors affected it, the cash generated from operations would have been

  Ending work in process under weighted average method

Ralph Inc. manufactures a product that passes through two processes: Mixing and Packaging.  All manufacturing costs are added uniformly in the Mixing Department. Determine the cost of ending work in process under weighted average method.

  About under or overapplied manufacturing overhead

Which of the following statements about under- or overapplied manufacturing overhead is correct?

  How much will cyrus ultimately deposit in the account

Assuming an APR of 3.8%, how much of the $95,000 will Cyrus ultimately deposit in the account, and how much is interest earned?

  What is price variance in november for henry food service

What is the price variance in November? Henry's Food Services budgeted 3,400 covers to be served in November, and the budgeted price/cover was $7.50.

  What will length of the cash cycle be after these changes

Dopefiend's Diner currently has an operating cycle of 37 days, and a 25-day cash cycle. What will the length of the cash cycle be after these changes

  What is the percentage change in profitability

Rohr Training Services (RTS) provides instruction on the use of computer software for the employees of its corporate clients. It offers courses in the clients’ offices on the clients’ equipment. The only major expense RTS incurs is instructor salarie..

  Cost of production and journal entries

Airfoil Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On March 1, there were 190 pounds of alloy in process, which were 60% complete..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd