Accounting Process – Rectification of Errors 0 Accounting Process - Rectification of Errors 1 / 30 Q.30 goods costing Rs.10,000 given as charity were not recorded .The errors will result in Increase in net profit Decrease in net profit No effect on net profit Either (a) or (b) 2 / 30 Q.29 Profit & loss adjustment account is used to rectify all the errors in the year of occurrence of errors to rectify all the errors involving real account in the subsequent year to rectify all the errors involving nominal account in the subsequent year so as not to affect the profit or loss of that period None of these 3 / 30 Q.28 Purchase of office furniture for Rs.6,000 has been debited to general expenses, account it is Error of Omission Error of commission Error of principles None of these 4 / 30 Q.27 Errors of principle do not permit Correct totaling of the balance sheet Correct totaling of the trial balance The trial balance to agree None of these 5 / 30 Q.26 A tallied trial balance will not reveal errors on account of wrong balancing errors on account of wrong carrying forward errors on account of casting errors of principle 6 / 30 Q.25 On purchase of old furniture , the amount of Rs.1,000 spent on its repair should be debited to Repair account Furniture account Cash account Bank account 7 / 30 Q.24 Sales book was overcast by Rs.20,000.If this error located after preparation of trial then which of the following rectification entry is correct ? Suspense A/c Dr 20,000 To Sales A/c 20,000 Sales A/c Dr 20,000 To Suspense A/c 20,000 Profit & Loss Adj A/c Dr 20,000 To Sales A/c 20,000 Sales A/c Dr 20,000 To Profit& Loss Adj 20,000 8 / 30 Q.23 Which of the following statement is true ? Error of totaling is an error of principal Agreement of trial balance is not affected by error of principal Error of principal does not affect profit & loss for the period. All of the above 9 / 30 Q.22 Which of the following error can be disclosed by trial balance ? Error of principle Error in balancing Duplicating error All of the above 10 / 30 Q.21 Which of the following error can not be disclosed by trial balance ? Error of principle Compensating errors Error of complete omission All of the above 11 / 30 Q.20 Accounting error may be in the form of and due to_______ the transaction to record Recording in wrong books Recording in wrong account or wrong totalling All of the above 12 / 30 Q.19 ________ Account is a temporary account. Profit & Loss A/c Suspense Depreciation A/c Purchase Return A/c 13 / 30 Q.18 ________ will not affect the trial balance. Complete omission Partial omission Posting on wrong side Wrong totaling 14 / 30 Q.17 Paid insurance Rs. 2,080 posted twice to Insurance A/c is an examples of ________. Compensating error Error of omission Clerical error Compensating error 15 / 30 Q.16 For which type of error, journal entry is required for rectification ______. One sided error Two sided error Over casting Under casting 16 / 30 Q.15 If the trial balance shows a short credit the suspense account will have a _______. Debit Zero Credit Nil 17 / 30 Q.14 Wages paid for installation of machinery wrongly debited to wages account is an error of _______. Omission Principle Commission Duplication 18 / 30 Q.13 Errors occurred due to wrong posting are called as errors of _________. Compensating Omission Principle Commission 19 / 30 Q.12 Rectification entries are passed in _________. Ledger Balance sheet Cash book Journal proper 20 / 30 Q.11 A transaction not recorded at all is called as an error of ________. Principle Complete omission Partial omission Duplication 21 / 30 Q.10 Cartage paid for newly purchased machinery, posted to Cartage Account Errors of Omission Errors of Commission Errors of Principle None of the above 22 / 30 Q.9 Salary paid for the Month of June, Rs.21,000 by issue of a cheque was recorded in the Journal but not posted at all. The rectification will be done by - Passing a rectification entry Creating a Suspense A/c Making the posting in the Legal None of the above 23 / 30 Q.8 Goods returned by Y for Rs. 10,000 passed through the purchase return book . The error will results in Increase in gross profit Decrease in gross profit No effect on gross profit Either (a) or (b) 24 / 30 Q.7 Goods sold to Y for Rs. 10,000 passed through the sales return book . The error will results in Increase in gross profit Decrease in gross profit No effect on gross profit Either (a) or (b) 25 / 30 Q.6 Sales of office furniture credited to sales account is an error of omission will affect the trial balance will not affect the net profit None of these 26 / 30 Q.5 Rs.10,000 paid in cash for repairs of a newly purchased old machine were debited to repairs account .this error is an error of omission will affect the trial balance will not affect the net profit None of these 27 / 30 Q.4 goods costing Rs.10,000 destroyed by fire were not recorded .The errors will result in is an error of commission will affect the trial balance will not affect the net profit None of these 28 / 30 Q.3 Goods costing Rs.10,000 destroyed by fire were not recorded . The errors will result in Increase in gross profit Decrease in gross profit No effect on gross profit Either (a) or (b) 29 / 30 Q.2 The Sales of worth Rs.337 has been posted as Rs.373 Error of Omission Error of commission Error of principles Compensating error 30 / 30 Q.1 Errors of commission do not permit Correct totaling of the balance sheet Correct totaling of the trial balance The trial balance to agree None of these Your score is LinkedIn Facebook Twitter VKontakte