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11th Principles of Accounting Chapter 14 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 14 Rectification of Errors Test. Click the button for 100% free full practice test.

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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First Year Principles of Accounting Chapter 14 Online MCQ Test for 1st Year Principles of Accounting Chapter 14 (Rectification of Errors)

Sr. # Questions Answers Choice
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 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
3 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
4 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
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 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
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 the balance of suspense account is credit then it will be shown in balance sheet on
  • A. Asset side
  • B. Asset and liability side
  • C. Asset and capital side
  • D. Capital and liability side
9 Error of carry forward will affect
  • A. Personal accounts
  • B. Nominal accounts
  • C. Impersonal accounts
  • D. None of these
10 Errors is casting of subsidiary books are called as
  • A. Error of omission
  • B. Compensating error
  • C. Error of posting
  • D. Clerical errors

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

Z

Zohaib Motivation

Lahore20 - May - 2024

12/15
04 Mins 42 Sec
Z

Zafar Ali

Lahore28 - May - 2024

9/15
25 Sec
Z

Zafar Ali

Lahore28 - May - 2024

8/15
25 Sec

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    20 Dec 2019

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