| 1 |
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
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| 2 |
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
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| 3 |
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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| 4 |
Errors is casting of subsidiary books are called as |
- A. Error of omission
- B. Compensating error
- C. Error of posting
- D. Clerical errors
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| 5 |
Error of carry forward will affect |
- A. Personal accounts
- B. Nominal accounts
- C. Impersonal accounts
- D. None of these
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| 6 |
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
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| 7 |
If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should |
- A. Debited to bad debts recovered account
- B. Credited to Ali account
- C. Debited to bad debts account
- D. Credited to bad debts recovered account
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| 8 |
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
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| 9 |
Any difference in trail balance, is transferred to |
- A. Sales account
- B. Nominal account
- C. Purchases account
- D. Suspense account
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| 10 |
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
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