| 1 |
Wages paid for the erection of machine debited to wages account is an example of |
- A. Error of omission
- B. Error of commission
- C. Error of principle
- D. None of these
|
| 2 |
If a liability is recorded as income, it will be considered as |
- A. Error of commission
- B. Error of omission
- C. Error of Principle
- D. None of these
|
| 3 |
Error which affects profit and loss account relates to |
- A. Nominal account
- B. Property account
- C. Personal account
- D. None of these
|
| 4 |
Errors, which do not affect on profit calculation, will have an effect only on |
- A. Trail balance
- B. Balance sheet
- C. Profit or loss account
- D. Trading account
|
| 5 |
When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called |
- A. Errors of omission
- B. Compensating errors
- C. Errors of commission
- D. Errors of principle
|
| 6 |
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
|
| 7 |
If any income omitted to be recorded it will |
- A. Overstate the profit
- B. Understate the profit
- C. Both a & b
- D. having no effect on profit
|
| 8 |
Errors is casting of subsidiary books are called as |
- A. Error of omission
- B. Compensating error
- C. Error of posting
- D. Clerical errors
|
| 9 |
Errors of omission affects |
- A. One account
- B. Two account
- C. Three account
- D. None of these
|
| 10 |
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
|