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

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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	A sale of Rs. 1000 to Farid, was credited to his account, it will affect	A. Sales account B. Farid account C. Cash account D. Both a & b
2	The process of totaling the data at the end of the period is called	A. Posting B. Casting C. Compensating D. Recording
3	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
4	Error of principle arises when	A. Any transaction is incorrectly recorded, either wholly or partially B. Any transaction is left wholly or partially C. Any transaction is affects one account D. Any transaction is recorded in fundamentally incorrect manner
5	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
6	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
7	Error which affects profit and loss account relates to	A. Nominal account B. Property account C. Personal account D. None of these
8	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
9	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
10	If any expense omitted to be recorded it will	A. Overstate the profit B. Understate the profit C. Both a & b D. No effect on profit

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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

Error of principle arises when

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

Transportation cost paid for the purchases of Machinery must be debited to

The credit purchases were wrongly recorded in sales book, the rectification of entry

If a liability is recorded as income, it will be considered as

Error which affects profit and loss account relates to

Any difference in trail balance, is transferred to

If there is any error in Bank account it will affect

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

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

If any income omitted to be recorded it will

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

Errors of omission affects

Errors, which do not affect on profit calculation, will have an effect only on

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11th Principles of Accounting Chapter 14 Test

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

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