| 1 |
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
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| 2 |
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
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| 3 |
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
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| 4 |
Error which affects profit and loss account relates to |
- A. Nominal account
- B. Property account
- C. Personal account
- D. None of these
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| 5 |
Errors is casting of subsidiary books are called as |
- A. Error of omission
- B. Compensating error
- C. Error of posting
- D. Clerical errors
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| 6 |
.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
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| 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
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| 8 |
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
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| 9 |
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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| 10 |
The process of totaling the data at the end of the period is called |
- A. Posting
- B. Casting
- C. Compensating
- D. Recording
|