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11th Principles of Accounting Chapter 14 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 14 Rectification of Errors Test. Click the button for 100% free full practice test.

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

Sr. # Questions Answers Choice
1 .If the error committed in the capital account, it will affect
  • A. Trading account
  • B. Profit and loss account
  • C. Trading and profit and loss account
  • D. Balance sheet
2 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
3 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
4 Any difference in trail balance, is transferred to
  • A. Sales account
  • B. Nominal account
  • C. Purchases account
  • D. Suspense account
5 Errors is casting of subsidiary books are called as
  • A. Error of omission
  • B. Compensating error
  • C. Error of posting
  • D. Clerical errors
6 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
7 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
8 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
9 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
10 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

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    20 Dec 2019

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    20 Dec 2019

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