| 1 |
If a liability is recorded as income, it will be considered as |
- A. Error of commission
- B. Error of omission
- C. Error of Principle
- D. None of these
|
| 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 |
Errors of omission affects |
- A. One account
- B. Two account
- C. Three account
- D. None of these
|
| 4 |
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
|
| 5 |
Wages paid for the erection of machine debited to wages account is an example of |
- A. Error of omission
- B. Error of commission
- C. Error of principle
- D. None of these
|
| 6 |
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
|
| 7 |
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
|
| 8 |
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
|
| 9 |
Error which affects profit and loss account relates to |
- A. Nominal account
- B. Property account
- C. Personal account
- D. None of these
|
| 10 |
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
|