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

Question # 1

If any income omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

having no effect on profit

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Question # 2

Any difference in trail balance, is transferred to

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Sales account

Nominal account

Purchases account

Suspense account

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Question # 3

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

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Error of commission

Error of principle

Compensating error

Error of principle

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Question # 4

If there is any error in Bank account it will affect

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Trading and profit and loss account

Profit and loss account

Trading account

Balance sheet

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Question # 5

Errors of affect one account can be

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Errors of principle

Errors of posting

Errors of omission

None of these

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Question # 6

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

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Posting

Casting

Compensating

Recording

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Question # 7

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

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Question # 8

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

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Liability side

Capital side

Asset side

Credit side

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Question # 9

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

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Question # 10

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

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Error of commission

Error of principle

Error of omission

None of these

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Question # 11

Error of carry forward will affect

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Personal accounts

Nominal accounts

Impersonal accounts

None of these

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