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	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
2	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
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
4	Errors of omission affects	A. One account B. Two account C. Three account D. None of these
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	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
7	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
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	Errors of affect one account can be	A. Errors of principle B. Errors of posting C. Errors of omission D. None of these
10	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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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

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

Error of carry forward will affect

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

Error of principle arises when

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

If the balance of suspense account is credit then it will be shown in balance sheet on

If there is any error in Bank account it will affect

Error which affects profit and loss account relates to

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

Errors of omission affects

Errors of affect one account can be

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

The process of totaling the data at the end of the period is called

If any income omitted to be recorded it will

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

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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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