| 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
|