1 "Is trial balance a conclusive proof of the accuracy of the books of accounts" If not what are - Accountancy - Trial Balance and Rectification of Errors

Question

1 "Is trial balance a conclusive proof of the accuracy of the books
of accounts" If not what are the errors which remain undetected in
spite of its agreement (any three)?
2 Why fixed assets are shown in the books at market price ? Justify
your answer

Neha A. · Accepted Answer

Hi Megha,

Thumbs up to the answer given by Divyata for the first part of the
question

For the second question, i believe that your question is incorrect
According to the AS-10, all fixed assets should be shown at their
acquisition cost (historical cost) I request you to re-check the
same and get back to us with the right question

1."Is trial balance a conclusive proof of the accuracy of the books of accounts". If not what are the errors which remain undetected in spite of its agreement (any three)? 2.Why fixed assets are shown in the books at market price ? Justify your answer.

1."Is trial balance a conclusive proof of the accuracy of the books of accounts". If not what are the errors which remain undetected in spite of its agreement (any three)?
2.Why fixed assets are shown in the books at market price ? Justify your answer.