| 1 |
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
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| 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 |
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
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| 4 |
Errors of affect one account can be |
- A. Errors of principle
- B. Errors of posting
- C. Errors of omission
- D. None of these
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| 5 |
If there is any error in Bank account it will affect |
- A. Trading and profit and loss account
- B. Profit and loss account
- C. Trading account
- D. Balance sheet
|
| 6 |
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
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| 7 |
Error which affects profit and loss account relates to |
- A. Nominal account
- B. Property account
- C. Personal account
- D. None of these
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| 8 |
Any difference in trail balance, is transferred to |
- A. Sales account
- B. Nominal account
- C. Purchases account
- D. Suspense account
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| 9 |
The process of totaling the data at the end of the period is called |
- A. Posting
- B. Casting
- C. Compensating
- D. Recording
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| 10 |
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
|