Self Studies

Rectification of Error Test - 1

Result Self Studies

Rectification of Error Test - 1
  • Score

    -

    out of -
  • Rank

    -

    out of -
TIME Taken - -
Self Studies

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.

Self Studies Self Studies
Weekly Quiz Competition
  • Question 1
    1 / -0

    Trial balance is affected by

    Solution

    Explanation:

    Trial balance is not affected by two sided errors because in these errors, every error is neutralized by an equal and opposite error.

     

  • Question 2
    1 / -0

    Time of depiction of an error means

    Solution

    Explanation:

    Time of depiction of an error means the time when the error committed is detected. It may happen before or after the preparation of trial balance or even after the preparation of final accounts.

     

  • Question 3
    1 / -0

    The disagreements of trial balance indicate that an _____ has been committed.

    Solution

    Explanation:

    Accounting errors cause disagreement of the trial balance.

     

  • Question 4
    1 / -0

    Debit balance of suspense account will be  shown at _____ side and Credit balance will be shown at _____ side of balance sheet.

    Solution

    Explanation:

    Debit balance of every account is shown at the assets side while the credit balance is shown at liabilities side.

     

  • Question 5
    1 / -0

    Which of the following is not a type of errors of commission

    Solution

    Explanation:

    Error of principle arises due to violation of accounting principles. Error of commission arises when transactons are wrongly recorded or posted.

     

  • Question 6
    1 / -0

    Under casting of sales book is corrected by _____ sales account

    Solution

    Explanation:

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

     

  • Question 7
    1 / -0

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

    Solution

    Explanation:

    When accounting errors cause disagreement of trial balance, suspense account is opened to tally the trial balance.

     

  • Question 8
    1 / -0

    Which of the following will affect the trial balance

    Solution

    Explanation:

    It is a one sided error and therefore will affect the trial balance.

     

  • Question 9
    1 / -0

    Which of the following is true relating to error of principle

    Solution

    Explanation:

    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 10
    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

    Solution

    Explanation:

    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.

     

Self Studies
User
Question Analysis
  • Correct -

  • Wrong -

  • Skipped -

My Perfomance
  • Score

    -

    out of -
  • Rank

    -

    out of -
Re-Attempt Weekly Quiz Competition
Self Studies Get latest Exam Updates
& Study Material Alerts!
No, Thanks
Self Studies
Click on Allow to receive notifications
Allow Notification
Self Studies
Self Studies Self Studies
To enable notifications follow this 2 steps:
  • First Click on Secure Icon Self Studies
  • Second click on the toggle icon
Allow Notification
Get latest Exam Updates & FREE Study Material Alerts!
Self Studies ×
Open Now