| 1 |
If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an |
- A. Error of commission
- B. Error of principle
- C. Compensating error
- D. Error of principle
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| 2 |
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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| 3 |
A sale of Rs. 1000 to Farid, was credited to his account, it will affect |
- A. Sales account
- B. Farid account
- C. Cash account
- D. Both a & b
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| 4 |
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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| 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 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
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| 7 |
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
|
| 8 |
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
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| 9 |
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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| 10 |
Any difference in trail balance, is transferred to |
- A. Sales account
- B. Nominal account
- C. Purchases account
- D. Suspense account
|