INTERVIEW QUESTIONS ACCOUNTING PROCESS TRIAL BALANCE DETAILS

Question: The preparation of trial balance is for: a) Locating errors of commission b) Locating errors of principle c) Locating clerical errors d) All of the above

Answer: (c) Locating clerical errors
Description: Trial balance is generally prepared for ascertaining the arithmetical accuracy of books of accounts. It is capable of locating only certain types of errors and not all errors. It can generally locate clerical errors which disturb the system of double entry book keeping. Errors of principle donot disturb the double entry system and hence are not located by it.

(c) Locating clerical errors
Description: Trial balance is generally prepared for ascertaining the arithmetical accuracy of books of accounts. It is capable of locating only certain types of errors and not all errors. It can generally locate clerical errors which disturb the system of double entry book keeping. Errors of principle donot disturb the double entry system and hence are not located by it. Source: CoolInterview.com

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