Question # 1

Error of principle arises when

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Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

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

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Transportation cost account

Purchases account

Machinery account

Cash account

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

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

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Error of principle

Error of omission

Error of casting

Error of transposition

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

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Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

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

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Error of commission

Error of principle

Error of omission

None of these

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

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Posting

Casting

Compensating

Recording

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

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Errors of omission

Compensating errors

Errors of commission

Errors of principle

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

Errors of omission affects

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One account

Two account

Three account

None of these

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

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