Trial Balance and Rectification of Errors Test 2

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Trial Balance and Rectification of Errors Test 2

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Question 1
1 / -0

Errors which affect only one account is _____.

A
Errors of omission

B
Errors of principle

C
Errors of posting

D
Errors of commission

Solution

Option C is the correct answer.

An error in which amount is posted to the wrong side of the same account is known as error of posting.
The error which affect only one account can be rectified by giving an explanatory note in the account affected.
The errors which affect only one account are: Error of casting, error of carrying forward, error of balancing, error of posting.
Question 2
1 / -0

Which of the following error is an error of omission?

A
Sale of Rs.800 was written in the purchase journal.

B
Wages paid to Sohan have been debited to his account.

C
Total of sales journal not posted to the sales account.

D
Total of purchases journal posted to the sales account.

Solution

Option C is correct.
The errors of omission may be committed at the time of recording the transaction in the books of original entry or while posting to the ledger.
When a transaction is completely omitted from recording in the books of original record, it is an error of omission.
The total of sales journal not posted to the sales account is error of omission as the transaction is not recorded in sales account.
Question 3
1 / -0

Errors of carry forward from one year to another year affects ____________.

A
Personal account

B
Real account

C
Nominal account

D
Both personal and real account
Question 4
1 / -0

Which account is generally used for rectification of errors?

A
Memorandum account

B
Suspense account

C
Rectification account

D
Adjustment account

Solution

Option B is correct answer.
Even if trial balance does not tally due to the existence of one sided errors, accountant has to carry forward his accounting process to prepare financial statements.
The accountant tallies his trial balance by putting the difference on shorter side as "suspense account". This is an account which is usually used to rectify one sided errors in the trial balance.
Question 5
1 / -0

Preparation of trial balance helps in the deduction of ___________.

A
Error of Principle

B
Compensating Errors

C
Errors of Omission

D
Clerical Errors

Solution

While doing the financial accounting, there are chances of having errors. Financial accounting is based on dual system of accounting where for every debit there will be a credit. In case of mismatch in trial balance, there are chances of a clerical error.
Question 6
1 / -0

Sales to Mr. Gill recorded in purchase journal would affect ___________.

A
Sales Account

B
Sales Account, Purchase Account and Mr. Gill's Account

C
Purchases Account and Sales Account

D
Journal Proper

Solution

Sales to Mr. Gill should be recorded in sales day book. If it recorded in purchase book, it affect the purchase account whereas sales not recorded hence it affects sales account too. Mr. Gill's account is also affected as instead of debit to him, there will be wrong credit posted.
Question 7
1 / -0

A statement containing the various ledger balances on particular date:

A
Compound journal

B
Ledger

C
Trial balance

D
None of these

Solution

The fundamental principle of the double entry system is that for every debit there will be a credit.The statement in which the debit and credit balances are noted down and finally totaled up to ascertain if they are equal, is called trial balance.
In other words, trial balance is a statement of the debit and credit balances of the various ledger accounts which is prepared to check their arithmetical accuracy.
Question 8
1 / -0

Which of the following account balance will be shown on debit side of Trial Balance?

A
Outstanding expenses

B
Cash a/c

C
Short-term loan

D
Creditors

Solution

Cash account is a real account. Rule for real account is debit what come in and credit what goes out.
Hence cash account is always have the debit balance and this will be shown as debit in trial balance.
Question 9
1 / -0

Which of the following errors are revealed by trial balance?

A
Omission of an amount from the trial balance

B
Posting of the wrong amount

C
Wrong totalling of the book of original entry

D
None of the above

Solution

If book of original entry i.e sales day book (example) is having a wrong total, this will result a disagreement of trial balance.
Question 10
1 / -0

The trial balance ensures________.

A
Arithmetical accuracy of the accounts maintained

B
Recording of business transactions in a systematic manner

C
The cost of a fixed asset

D
All of the above

Solution

Trial balance is a statement of all debits and credits which consists of double entry system of book keeping and helps in the disagreement indicating an error. Hence, trial balance ensures arithmetical accuracy of the accounts maintained.

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Trial Balance and Rectification of Errors Test 2

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Trial Balance and Rectification of Errors Test 2

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SHARING IS CARING

Question 1

Errors of omission

Errors of principle

Errors of posting

Errors of commission

Solution

Question 2

Sale of Rs.800 was written in the purchase journal.

Wages paid to Sohan have been debited to his account.

Total of sales journal not posted to the sales account.

Total of purchases journal posted to the sales account.

Solution

Question 3

Personal account

Real account

Nominal account

Both personal and real account

Question 4

Memorandum account

Suspense account

Rectification account

Adjustment account

Solution

Question 5

Error of Principle

Compensating Errors

Errors of Omission

Clerical Errors

Solution

Question 6

Sales Account

Sales Account, Purchase Account and Mr. Gill's Account

Purchases Account and Sales Account

Journal Proper

Solution

Question 7

Compound journal

Ledger

Trial balance

None of these

Solution

Question 8

Outstanding expenses

Cash a/c

Short-term loan

Creditors

Solution

Question 9

Omission of an amount from the trial balance

Posting of the wrong amount

Wrong totalling of the book of original entry

None of the above

Solution

Question 10

Arithmetical accuracy of the accounts maintained

Recording of business transactions in a systematic manner

The cost of a fixed asset

All of the above

Solution

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