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Q. What is transposition or slide error explain?
When the trial balance doesn't balance try re-totalling the two columns. If this step doesn't locate the error divide the difference in the totals by 2 and then by 9. If the dissimilarity is divisible by 2 you may have transferred a debit-balanced account to the trial balance as a credit or a credit-balanced account as a debit. When the dissimilarity is divisible by 2 you may look for an amount in the trial balance that is equal to one-half of the difference. Therefore if the difference is USD 800 look for an account with a balance of USD 400 and see if it is in the wrong column. If the dissimilarity is divisible by 9 you may have made a transposition error in transferring a balance to the trial balance or a slide error. A transposition error takes place when two digits are reversed in an amount (example writing 753 as 573 or 110 as 101). A slide error takes place when you place a decimal point incorrectly (example USD 1500 recorded as USD 15.00). Therefore when a difference is divisible by 9 compare the trial balance amounts with the general ledger account balances to see if you made a transposition or slide error in transferring the amounts.
You have been engaged internal auditor by the management of Alden proprietary limited to review its internal control over the purchases, receipt, storage and issue of raw material.
Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
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