AccountingCode 9706
Trial balance
What this topic asks you to be able to do
- the kinds of error that stop a trial balance from agreeing
- the kinds of error that do not stop a trial balance from agreeing: omission; commission; principle; original entry; reversal; compensating
- the procedure for drafting ledger accounts and journal entries that correct errors by means of a suspense account
- how the financial statements change when errors are corrected
- where a trial balance helps and where it falls short