11th Principles of Accounting MCQS
If any expense omitted to be recorded it will
Overstate the profit
Both a & b
No effect on profit
Understate the profit
.If the error committed in the capital account, it will affect
Profit and loss account
Trading account
Balance sheet
Trading and profit and loss account
Errors of affect one account can be
None of these
Errors of principle
Errors of posting
Errors of omission
Error of carry forward will affect
Personal accounts
Impersonal accounts
None of these
Nominal accounts
If the balance of suspense account is credit then it will be shown in balance sheet on
Asset and capital side
Capital and liability side
Asset and liability side
Asset side
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