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	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
2	When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called	A. Errors of omission B. Compensating errors C. Errors of commission D. Errors of principle
3	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
4	Errors is casting of subsidiary books are called as	A. Error of omission B. Compensating error C. Error of posting D. Clerical errors
5	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
6	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
7	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
8	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
9	The process of totaling the data at the end of the period is called	A. Posting B. Casting C. Compensating D. Recording
10	Error of carry forward will affect	A. Personal accounts B. Nominal accounts C. Impersonal accounts D. None of these

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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

The credit purchases were wrongly recorded in sales book, the rectification of entry

If any income omitted to be recorded it will

Error of carry forward will affect

Errors of affect one account can be

Errors of omission affects

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

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

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

Error which affects profit and loss account relates to

Any difference in trail balance, is transferred to

If any expense omitted to be recorded it will

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

Errors is casting of subsidiary books are called as

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

Error of principle arises when

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11th Principles of Accounting Chapter 14 Test

Top Scorers Of Chapter 14 "Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test" MCQ`s Test

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

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