11th Principles of Accounting MCQS Chapter 14

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11th Principles of Accounting MCQS
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If there is any error in Bank account it will affect
Balance sheet
Profit and loss account
Trading and profit and loss account
Trading account

When two or more than two error occurred on the opposite side of the account and cancelled the affect of each are called
Errors of commission
Errors of principle
Compensating errors
Errors of omission

Any difference in trail balance, is transferred to
Suspense account
Sales account
Purchases account
Nominal account

Errors of omission affects
Three account
Two account
None of these
One account

Errors, which do not affect on profit calculation, will have an effect only on
Balance sheet
Trading account
Trail balance
Profit or loss account

Error which affects profit and loss account relates to
Property account
Nominal account
Personal account
None of these

If a liability is recorded as income, it will be considered as
Error of commission
Error of omission
Error of Principle
None of these

Error of principle arises when
Any transaction is incorrectly recorded, either wholly or partially
Any transaction is affects one account
Any transaction is left wholly or partially
Any transaction is recorded in fundamentally incorrect manner

Errors is casting of subsidiary books are called as
Compensating error
Clerical errors
Error of omission
Error of posting

If a transaction has been completely omitted from the Journal it will be considered
Error of commission
None of these
Error of principle
Error of omission

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