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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Principles of Accounting

MCQ's Test For Chapter 14 "Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test"

Try The MCQ's Test For Chapter 14 "Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test"

  • Total Questions15

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

00:00
Question # 1

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

Question # 2

Errors of affect one account can be

Question # 3

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

Question # 4

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

Question # 5

Error which affects profit and loss account relates to

Question # 6

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

Question # 7

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

Question # 8

Errors, which do not affect on profit calculation, will have an effect only on

Question # 9

If there is any error in Bank account it will affect

Question # 10

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

Question # 11

If any income omitted to be recorded it will

Question # 12

Errors of omission affects

Question # 13

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

Question # 14

Errors is casting of subsidiary books are called as

Question # 15

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

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ICom Part 1 Principles of Accounting Chapter 14 Important MCQ's

Sr.# Question Answer
1 Wages paid for the erection of machine debited to wages account is an example of
A. Error of omission
B. Error of commission
C. Error of principle
D. None of these
2 If any income omitted to be recorded it will
A. Overstate the profit
B. Understate the profit
C. Both a & b
D. having no effect on profit
3 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
4 The process of totaling the data at the end of the period is called
A. Posting
B. Casting
C. Compensating
D. Recording
5 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
6 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
7 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
8 Errors is casting of subsidiary books are called as
A. Error of omission
B. Compensating error
C. Error of posting
D. Clerical errors
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 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

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    20 Dec 2019

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