11th class Principles of Accounting chapter 14 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 14(Rectification of Errors)

This online test contains MCQs about following topics:

. Errors causing disagreement of trail balance . Errors not causing disagreement of trail balance . What to do when the trail balance does not agree? . Agreement of trail balance by opening suspense account . How the errors are rectified? . Correction of one sided errors if detected before preparation of the trail balance . Correction of two-sided errors after preparation of the trail balance but before the preparatin of the final accounts . Effect of errors on the final accoutns or the financial statements

ICOM Part 1 Accounting Ch 14 Test

Start Accounting Ch 14 Test

ICOM Part 1 English Medium Subjects

Principles of Accounting

Principles of Economics

Principles of Commerce

ICOM Part 1 Urdu Medium Subjects

Principles of Commerce

Principles of Economics

Principles of Accounting

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ICom Part 1 Principles of Accounting Chapter 14 Important MCQ's

Sr.#	Question	Answer
1	The credit purchases were wrongly recorded in sales book, the rectification of entry	A. Increase the net profit by double amount B. Decrease the net profit by double amount C. Decrease the net profit D. Increase the net profit
2	If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an	A. Error of commission B. Error of principle C. Compensating error D. Error of principle
3	The process of totaling the data at the end of the period is called	A. Posting B. Casting C. Compensating D. Recording
4	If a transaction has been completely omitted from the Journal it will be considered	A. Error of commission B. Error of principle C. Error of omission D. None of these
5	Transportation cost paid for the purchases of Machinery must be debited to	A. Transportation cost account B. Purchases account C. Machinery account D. Cash account
6	Errors of affect one account can be	A. Errors of principle B. Errors of posting C. Errors of omission D. None of these
7	If there is any error in Bank account it will affect	A. Trading and profit and loss account B. Profit and loss account C. Trading account D. Balance sheet
8	Errors of omission affects	A. One account B. Two account C. Three account D. None of these
9	If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should	A. Debited to bad debts recovered account B. Credited to Ali account C. Debited to bad debts account D. Credited to bad debts recovered account
10	If the balance of suspense account is credit then it will be shown in balance sheet on	A. Asset side B. Asset and liability side C. Asset and capital side D. Capital and liability side

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First Year Principles of Accounting Chapter 14 Online MCQ Test for 1st Year Principles of Accounting Chapter 14 (Rectification of Errors)

ICOM Part 1 English Medium Subjects

ICOM Part 1 Urdu Medium Subjects

MCQ's Test For Chapter 14 "Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test"

Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test

.If the error committed in the capital account, it will affect

If the balance of suspense account is credit then it will be shown in balance sheet on

Error which affects profit and loss account relates to

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should

Errors of affect one account can be

The process of totaling the data at the end of the period is called

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

Errors is casting of subsidiary books are called as

Any difference in trail balance, is transferred to

Wages paid for the erection of machine debited to wages account is an example of

If a transaction has been completely omitted from the Journal it will be considered

If any expense omitted to be recorded it will

If any income omitted to be recorded it will

When balance of suspense account has debit balance it will be shown in balance sheet on

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11th Principles of Accounting Chapter 14 Test

Top Scorers Of Chapter 14 "Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test" MCQ`s Test

ICom Part 1 Principles of Accounting Chapter 14 Important MCQ's

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