A complete omission to record a transaction in the journal will cause the Trial Balance to: MCQ with Answer and Explanation

Question
A complete omission to record a transaction in the journal will cause the Trial Balance to:
A. Show double the difference
B. Show a difference equal to the transaction amount
C. Show a difference equal to half the transaction amount
D. Tally without any difference
Answer: Option D
Solution (By JKSSB Mock Tests)
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A journal entry with more than two accounts is known as:
A. Complex entry
B. Opening entry
C. Compound journal entry
D. Simple journal entry
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Correct Answer: Option C

Explanation:
A compound journal entry involves three or more accounts (multiple debits or credits).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following errors does NOT affect the trial balance?
A. Posting ₹500 to the wrong account
B. Recording a transaction twice
C. Wrongly totaling an account
D. Omitting to post one side of a transaction
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Correct Answer: Option A

Explanation:
Posting to the wrong account (error of principle or wrong personal account) keeps the debit and credit totals equal, so the trial balance still agrees.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
An increase in the value of a fixed asset is credited to:
A. General Reserve
B. Profit & Loss Account
C. Capital Reserve
D. Revaluation Reserve
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Correct Answer: Option D

Explanation:
Increase in value on revaluation is credited to Revaluation Reserve, as per AS 10.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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