Question # 1

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

Choose an answer

Sales account

Farid account

Cash account

Both a & b

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

Choose an answer

Asset side

Asset and liability side

Asset and capital side

Capital and liability side

If any income omitted to be recorded it will

Choose an answer

Overstate the profit

Understate the profit

Both a & b

having no effect on profit

If any expense omitted to be recorded it will

Choose an answer

Overstate the profit

Understate the profit

Both a & b

No effect on profit

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

Choose an answer

Error of commission

Error of principle

Error of omission

None of these

The credit purchases were wrongly recorded in sales book, the rectification of entry

Choose an answer

Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

Any difference in trail balance, is transferred to

Choose an answer

Sales account

Nominal account

Purchases account

Suspense account

Errors is casting of subsidiary books are called as

Choose an answer

Error of omission

Compensating error

Error of posting

Clerical errors

Errors of omission affects

Choose an answer

One account

Two account

Three account

None of these

Error of carry forward will affect

Choose an answer

Personal accounts

Nominal accounts

Impersonal accounts

None of these

If a liability is recorded as income, it will be considered as

Choose an answer

Error of commission

Error of omission

Error of Principle

None of these

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer