If a trail balance is in agreement, one of the statement is untrue
The accounting system is error free
Equal debit entries and credit entries were recorded for each transaction
The debit and credit from the journal were posted to the accounts
Account balances were correctly computed
Correct answer is A
Agreement of trial balance does mean it is error free. Some errors might not be disclosed by mere agreement
Financial accounting
Accounting policies
Cost accounting
Accounting conventions
Correct answer is B
No explanation has been provided for this answer.
Goods stolen at the branch is debited to
Branch stock account
Defalcations account
Branch debtors account
Branch adjustment account
Correct answer is D
No explanation has been provided for this answer.
The income and expenditure account of a club is the same as
Single entry account
A profit and loss account
A trading account
A cash book
Correct answer is B
This is because the income and expenditure account just like the profit and loss account shows the income to ascertain surplus or deficit.
Purchase of business account and credit cash account
Goodwill account and credit purchase of business account
Cash account and credit goodwill account
Goodwill account and credit cash account
Correct answer is B
when there is excess of purchase consideration over net assets, the accounting entries is to debit goodwill account as the receiving account and credit purchase of business account as the giving account.