11th class Principles of Accounting chapter 14 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 14(Rectification of Errors)

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

Sr. #	Questions	Answers Choice
1	If the balance of suspense account is credit then it will be shown in balance sheet on	Asset side Asset and liability side Asset and capital side Capital and liability side
2	If amount for Rs. 554 recovered from Ali, previously written off as bad debts we should	Debited to bad debts recovered account Credited to Ali account Debited to bad debts account Credited to bad debts recovered account
3	When balance of suspense account has debit balance it will be shown in balance sheet on	Liability side Capital side Asset side Credit side
4	Any difference in trail balance, is transferred to	Sales account Nominal account Purchases account Suspense account
5	Errors, which do not affect on profit calculation, will have an effect only on	Trail balance Balance sheet Profit or loss account Trading account
6	Error which affects profit and loss account relates to	Nominal account Property account Personal account None of these
7	Wages paid for the erection of machine debited to wages account is an example of	Error of omission Error of commission Error of principle None of these
8	.If the error committed in the capital account, it will affect	Trading account Profit and loss account Trading and profit and loss account Balance sheet
9	A sale of Rs. 1000 to Farid, was credited to his account, it will affect	Sales account Farid account Cash account Both a & b
10	If any income omitted to be recorded it will	Overstate the profit Understate the profit Both a & b having no effect on profit
11	If any expense omitted to be recorded it will	Overstate the profit Understate the profit Both a & b No effect on profit
12	If there is any error in Bank account it will affect	Trading and profit and loss account Profit and loss account Trading account Balance sheet
13	The credit purchases were wrongly recorded in sales book, the rectification of entry	Increase the net profit by double amount Decrease the net profit by double amount Decrease the net profit Increase the net profit
14	Error of carry forward will affect	Personal accounts Nominal accounts Impersonal accounts None of these
15	Transportation cost paid for the purchases of Machinery must be debited to	Transportation cost account Purchases account Machinery account Cash account

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