Sales of machinery recorded in sales book, is an example of:
Sales of machinery recorded in sales book, is an example of:
Error of principle | |
Error of positing | |
Error of trial balance | |
Error of omission |
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Rectification of errors is done:
Rectification of errors is done:
Systematically | |
Automatically | |
Illegally | |
Unsystematically |
Credit purchases from Ahmed costing Rs.180 were entered in t
Credit purchases from Ahmed costing Rs.180 were entered in the books for Rs.810 the rectifying entry is:
None of these | |
Debit purchases account for Rs.630 and credit Ahmed account for Rs.630. | |
Debit Ahmed account for Rs.630 and credit purchases account for Rs.630. | |
Debit suspense account |
Any difference in trial balance, is transferred to:
Any difference in trial balance, is transferred to:
purchases account | |
suspense account | |
nominal account | |
sales account |
If the error committed in the capital account, it will affec
If the error committed in the capital account, it will affect:
profit and loss account | |
balance sheet | |
trading and profit and loss account | |
trading account |
If any income omitted to be recorded it will:
If any income omitted to be recorded it will:
having no effect on profit | |
overstate the profit | |
both overstate and understate | |
understate the profit |
If there is any error in Bank account it will affect:
If there is any error in Bank account it will affect:
Trading and profit and loss account | |
balance sheet | |
Trading account | |
Profit and loss account |
The credit purchases were wrongly recorded in sales book, th
The credit purchases were wrongly recorded in sales book, the rectification of entry:
Increase the net profit | |
Increase the net profit by double amount | |
Decrease the net profit | |
Decrease the net profit by double amount |
Error of carry forward will affect:
Error of carry forward will affect:
none of these | |
personal accounts | |
impersonal accounts | |
nominal account |
Errors of omission affects:
Errors of omission affects:
three accounts | |
one account | |
none of these | |
two accounts |
If a liability is recorded as income, it will be considered
If a liability is recorded as income, it will be considered as:
error of principle | |
error of omission | |
error of commission | |
none of these |
When two or more than two errors occurred on the opposite si
When two or more than two errors occurred on the opposite side of the account and cancelled the affect of each other are called:
errors of principle | |
error of commission | |
error of omission | |
compensating error |
Trade expenses of Rs.180 posted in the ledger as Rs.810, it
Trade expenses of Rs.180 posted in the ledger as Rs.810, it will be considered as:
error of omission | |
error of casting | |
error of transposition | |
error of principle |
If goods purchased from Rahim for Rs.499, credited to Rehman
If goods purchased from Rahim for Rs.499, credited to Rehman’s account for Rs.499 this is an:
compensating error | |
error of principle | |
error of commission | |
error of omission |
If an income is omitted to be recorded it will:
If an income is omitted to be recorded it will:
overstate the profit | |
understate profit | |
both A and B | |
no effect on profit |
Any difference in trial balance is transferred to:
Any difference in trial balance is transferred to:
None of these | |
purchases account | |
sales account | |
suspense account |
Capital contributed by the partners is a:
Capital contributed by the partners is a:
current receipt | |
capital receipt | |
deferred receipt | |
revenue receipt |
If asset is sold less than book value, It is:
If asset is sold less than book value, It is:
revenue loss | |
capital expenditure | |
revenue expenditure | |
capital loss |
Carriage on purchase of plant debited to carriage account is
Carriage on purchase of plant debited to carriage account is error of:
Omission | |
None of these | |
Compensating | |
Principle |
Advertising expense is a:
Advertising expense is a:
Revenue expense | |
Capital expense | |
Revenue receipt | |
Capital payment |