11th Principles of Accounting MCQS Chapter 6

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11th Principles of Accounting MCQS


Error of posting effects:
Two accounts
Three accounts
One account 
Four accounts

If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be
understated by Rs. 3,000
overstated by Rs. 6,000
understated by Rs. 6,000
overstated by Rs. 3,000

The outflow of funds to meet the running expenses of a business
capital expenditure
capital loss
Revenue expenditure
Revenue loss

A receipt is revenue in nature, if it relates to:
Routine activity of the business
The receipt of accounting year
Balance sheet
Small amount

A transaction has been journalized but posted wrongly in the ledger account, it is an:
Error of positing
Error of omission
Error of commission
Error of principle
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