First Year Principles of Accounting Chapter 14 Online MCQ Test for 1st Year Principles of Accounting Chapter 14 (Rectification of Errors)

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11th Principles of Accounting Chapter 14 Test

This online test contains MCQs about following topics:

Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test

Try the Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test.

  • Total Questions15

  • Time Allowed20

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Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test

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Question # 1

Error which affects profit and loss account relates to

Question # 2

If a transaction has been completely omitted from the Journal it will be considered

Question # 3

If any income omitted to be recorded it will

Question # 4

When balance of suspense account has debit balance it will be shown in balance sheet on

Question # 5

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called

Question # 6

If the balance of suspense account is credit then it will be shown in balance sheet on

Question # 7

If there is any error in Bank account it will affect

Question # 8

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

Question # 9

.If the error committed in the capital account, it will affect

Question # 10

Errors of affect one account can be

Question # 11

Error of principle arises when

Question # 12

Any difference in trail balance, is transferred to

Question # 13

Transportation cost paid for the purchases of Machinery must be debited to

Question # 14

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

Question # 15

The process of totaling the data at the end of the period is called

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Prepare All Principles of accounting Icom Part 1 English Medium Chapter 14 Online Test MCQs With Answers


. Errors causing disagreement of trail balance . Errors not causing disagreement of trail balance . What to do when the trail balance does not agree? . Agreement of trail balance by opening suspense account . How the errors are rectified? . Correction of one sided errors if detected before preparation of the trail balance . Correction of two-sided errors after preparation of the trail balance but before the preparatin of the final accounts . Effect of errors on the final accoutns or the financial statements

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