| 1 |
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
|
| 2 |
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
|
| 3 |
The process of totaling the data at the end of the period is called |
- A. Posting
- B. Casting
- C. Compensating
- D. Recording
|
| 4 |
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
|
| 5 |
Error of carry forward will affect |
- A. Personal accounts
- B. Nominal accounts
- C. Impersonal accounts
- D. None of these
|
| 6 |
If any income omitted to be recorded it will |
- A. Overstate the profit
- B. Understate the profit
- C. Both a & b
- D. having no effect on profit
|
| 7 |
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
|
| 8 |
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
|
| 9 |
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
|
| 10 |
Errors is casting of subsidiary books are called as |
- A. Error of omission
- B. Compensating error
- C. Error of posting
- D. Clerical errors
|