54 661
Assignments Done
98,2%
Successfully Done
In November 2017
Your physics homework can be a real challenge, and the due date can be really close — feel free to use our assistance and get the desired result.
Be sure that math assignments completed by our experts will be error-free and done according to your instructions specified in the submitted order form.
Our experts will gladly share their knowledge and help you with programming homework. Keep up with the world’s newest programming trends.

Answer on Other Economics Question for mya

Question #16597
•In order for companies to prepare and issue financial statements, their accounting equations (debits and credits) must be in balance at year end. Discuss how errors and misstatements may occur given this requirement
Expert's answer
The trial balance is prepared to check the arithmetical accuracy of accounts. If the trial balance does not tally, it implies that there are arithmetical errors in the accounts which require location, detection and rectification thereof. [ Even if the trial balance tallies, there may still exist some errors. There are two types of errors: Errors which are not revealed by the trial balance, and Errors which are revealed by the trial balance.Errors may happen at any of the following stages of the accounting cycle. At Recording Stage Errors of principle Errors of omission Errors of commission At Posting Stage Error of omission Complete Partial Error of commission Posting to wrong account Posting on the wrong side Posting of wrong amount At Balancing Stage Wrong totaling Wrong balancing Preparation of Trial Balance Error of Omission Error of Commission Taking wrong amount Taking wrong account Taking to the wrong side Errors can be classified into the following four categories on the basis of the nature of errors and explained here under. Errors of commission Errors of omission Errors of principle Compensating (offsetting) errors Errors of Duplication ]

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question