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	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	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
3	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
4	Error which affects profit and loss account relates to	A. Nominal account B. Property account C. Personal account 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	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
7	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
8	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
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	Errors of omission affects	A. One account B. Two account C. Three account D. None of these

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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 any income omitted to be recorded it will

Error of carry forward will affect

If there is any error in Bank account it will affect

If any expense omitted to be recorded it will

Error of principle arises when

Any difference in trail balance, is transferred to

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

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

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

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

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

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

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

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

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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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