All Exams Test series for 1 year @ ₹349 only
Question

Which of the following statements is INCORRECT?

This question was previously asked in
SSC CGL 2019 (Tier 2) GS Finance & Economics Previous Year Paper (17-Nov-2020)
The correct answer is

The tallying of the trial balance is a conclusive proof of the accuracy of the accounts.

The trial balance is a useful tool to check the arithmetic accuracy of the ledger, but it cannot conclusively prove the correctness of the accounts. It helps identify any mathematical errors but does not detect errors of omission, commission, or compensating errors. Therefore, the statement in option 4 is incorrect.

Was this answer helpful?

Similar Questions

  1. Which of the following statements is correct?

  2. Aman received a bill from Sahil for ₹1,000. On maturity, the bill is discounted and ₹10 are paid as noting charges. Aman has endorsed this bill in favor of Anil. The correct entry for the discounted bill in Aman’s books will be:

  3. The following are the steps in the accounting process.

    A. Measurement 

    B. Identification 

    C. Recording 

    D. Communication. 

    Select the option that shows the correct sequence of these steps.

  4. According to the accounting convention of prudence, which of the following is taken into account?

  5. Which of the following types of errors are disclosed by the trial balance?

  6. Which of the following is the correct statement?

  7. Identify the INCORRECT statement from the given options:

  8. Which of the following is excluded when calculating the cost of inventory?


Important Questions from Financial Markets

  1. Where is the NSE (National Stock Exchange of India) headquartered?
  2. Where is the NSE (National Stock Exchange of India) headquartered?
  3. Which one among the following is the Asia's first stock exchange?
  4. On which road is the Bombay Stock Exchange located?
  5. SENSEX is an index of Bombay Stock Exchange's top ______ companies.
Need Expert Advice?
Upcoming Exams
SSC CPO
November 23, 2026
SSC CHSL
November 30, 2026
Test Series
SSC CGL img
SSC
SSC CGL (Tier I + Tier II) 2026 Mock Test Series - Latest Pattern
2509 Tests 6 Tests Free
8927 Attempts
4.2(946)
English, Hindi
More Questions from SSC CGL

Start Your Preparation with Prepp Mobile App

Download the app from Google Play & App Store
Download the app from Google Play & App Store
Prepp Mobile App