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 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 Any difference in trail balance, is transferred to
  • A. Sales account
  • B. Nominal account
  • C. Purchases account
  • D. Suspense account
3 Error of carry forward will affect
  • A. Personal accounts
  • B. Nominal accounts
  • C. Impersonal accounts
  • D. None of these
4 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
5 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
6 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
7 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
8 Error which affects profit and loss account relates to
  • A. Nominal account
  • B. Property account
  • C. Personal account
  • D. None of these
9 Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as
  • A. Error of principle
  • B. Error of omission
  • C. Error of casting
  • D. Error of transposition
10 When balance of suspense account has debit balance it will be shown in balance sheet on
  • A. Liability side
  • B. Capital side
  • C. Asset side
  • D. Credit side

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

R

Roshail

Lahore06 - Mar - 2025

15/15
01 Mins 10 Sec
R

Roshail

Lahore06 - Mar - 2025

14/15
01 Mins 12 Sec
R

Roshail

Lahore06 - Mar - 2025

14/15
01 Mins 46 Sec
R

Roshail

Lahore06 - Mar - 2025

12/15
59 Sec
U

Umer Saeed

Lahore18 - Mar - 2025

10/15
05 Mins 33 Sec
H

Huzaifa Haseeb

Lahore29 - Apr - 2025

8/15
04 Mins 03 Sec
R

Robina Nadeem

Lahore29 - Apr - 2025

8/15
14 Mins 43 Sec

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