Question # 1

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

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Error of principle

Error of omission

Error of casting

Error of transposition

Wages paid for the erection of machine debited to wages account is an example of

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Error of omission

Error of commission

Error of principle

None of these

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

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

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Error of commission

Error of omission

Error of Principle

None of these

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

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

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Asset side

Asset and liability side

Asset and capital side

Capital and liability side

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

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Increase the net profit by double amount

Decrease the net profit by double amount

Decrease the net profit

Increase the net profit

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

Errors is casting of subsidiary books are called as

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Error of omission

Compensating error

Error of posting

Clerical errors

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

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Sales account

Farid account

Cash account

Both a & b

Errors of omission affects

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One account

Two account

Three account

None of these

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

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