Question # 1

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

Error which affects profit and loss account relates to

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Nominal account

Property account

Personal account

None of these

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 any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

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

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Debited to bad debts recovered account

Credited to Ali account

Debited to bad debts account

Credited to bad debts recovered account

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

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Sales account

Farid account

Cash account

Both a & b

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense 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

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

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Error of commission

Error of principle

Compensating error

Error of principle

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

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