Trial Balance Test

Result

Trial Balance Test - 1

Score
-
out of -
Rank
-
out of -

TIME Taken - -

SHARING IS CARING

If our Website helped you a little, then kindly spread our voice using Social Networks. Spread our word to your readers, friends, teachers, students & all those close ones who deserve to know what you know now.

Weekly Quiz Competition

Question 1
1 / -0

Which of the following is not a type of error.

A
Suspense Account

B
Compensating Errors

C
Errors of Commission

D
Errors of Omission

Solution

Suspense account is opened to tally the trial balance, when accounting errors cause disagreement of trial balance.
Question 2
1 / -0

These are the errors which are committed due to wrong posting of transactions, wrong totaling or balancing of the accounts

A
Errors of Omission

B
Errors of Commission

C
Compensating Errors

D
Error of principle

Solution

When a transaction has been misrecorded either wholly or partially, it is known as error of commission.
Question 3
1 / -0

There can be of two types of error of omission

A
error of complete omission and error of partial omission

B
error of compensating omission and error of partial omission

C
error of first omission and error of last omission

D
error of complete omission and error of principle omission

Solution

When a transaction is completely omitted from recording in the books of original record, it is an error of complete omission. When the recording of transaction is partly omitted from the books, it is an error of partial omission.
Question 4
1 / -0

Which error occur due to incorrect classification of expenditure or receipt between capital and revenue?

A
Error of principle

B
Errors of Omission

C
Errors of Commission

D
Compensating Errors

Solution

Accounting entries are recorded as per the generally accepted accounting principles (GAAP). If any of these accounting principles are violated or ignored, errors resulting from such violation are known as errors of principle.
Question 5
1 / -0

When two or more errors are committed in such a way that the net effect of these errors on the debits and credits of accounts is nil, such errors are called

A
Errors of Commission

B
Errors of Omission

C
Compensating errors

D
Error of principle

Solution

Compensating errors are two sided errors, where an error in computation or in recording of accounting data is neutralized by an equal and opposite error.
Question 6
1 / -0

Which of the following is true relating to error of principle

A
Principles are violated or ignored

B
It will have an impact on financial statements

C
May lead to under/over stating of income or assets or liabilities

D
All of these

Solution

Errors of principle arise due to violation of accounting principles. For example, if a capital receipt is recorded as a revenue receipt or vice versa, it may lead to under/over stating of income or assets or liabilities etc and will therfore have an impact on the financial statements.
Question 7
1 / -0

Which of the following will affect the trial balance

A
Complete omission from posting to the A/c

B
Errors of complete omission.

C
Wrong balance trasferred

D
Wrong recording in the books of original entry.

Solution

It is a one sided error and therefore will affect the trial balance.
Question 8
1 / -0

The accountant tallies his trial balance by putting the difference on shorter side as

A
Suspense account

B
Credit account

C
Debit account

D
Compensating account

Solution

When accounting errors cause disagreement of trial balance, suspense account is opened to tally the trial balance.
Question 9
1 / -0

Balance of suspense account will be transferred to

A
Trading account

B
Balance sheet

C
Profit and Loss account

D
Journal account

Solution

Balance of suspense account is due to unidentified errors. It is transferred to the balance sheet so that the final accounts can be closed in time and rectification can be done later when the errors are identified.
Question 10
1 / -0

Under casting of sales book is corrected by _____ sales account

A
Crediting

B
Debiting

C
Both

D
None

Solution

Under casting of sales book implies under recording of sales which will be rectified by crediting the sales account.

User

Question Analysis

Correct -
Wrong -
Skipped -

My Perfomance

Score
-
out of -
Rank
-
out of -

Re-Attempt Weekly Quiz Competition

Trial Balance Test - 1

Result

Trial Balance Test - 1

Score

-

Rank

-

SHARING IS CARING

Question 1

Suspense Account

Compensating Errors

Errors of Commission

Errors of Omission

Solution

Question 2

Errors of Omission

Errors of Commission

Compensating Errors

Error of principle

Solution

Question 3

error of complete omission and error of partial omission

error of compensating omission and error of partial omission

error of first omission and error of last omission

error of complete omission and error of principle omission

Solution

Question 4

Error of principle

Errors of Omission

Errors of Commission

Compensating Errors

Solution

Question 5

Errors of Commission

Errors of Omission

Compensating errors

Error of principle

Solution

Question 6

Principles are violated or ignored

It will have an impact on financial statements

May lead to under/over stating of income or assets or liabilities

All of these

Solution

Question 7

Complete omission from posting to the A/c

Errors of complete omission.

Wrong balance trasferred

Wrong recording in the books of original entry.

Solution

Question 8

Suspense account

Credit account

Debit account

Compensating account

Solution

Question 9

Trading account

Balance sheet

Profit and Loss account

Journal account

Solution

Question 10

Crediting

Debiting

Both

None

Solution

User

Question Analysis

My Perfomance

Score

-

Rank

-

Results Announcement on: coming Monday

Stay Tuned: We’ll update you on your result via email or SMS.