Trial Balance and Rectification of Errors Test

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Trial Balance and Rectification of Errors Test - 3

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Weekly Quiz Competition

Question 1
1 / -0

If purchases book has been overcast by Rs.10,000 resulting in excess debit of Rs.10,000 in purchases account and sales returns book is undercast by Rs.10,000 resulting in short debit to sales returns account, it is an example of which type of error?

A
Error of principle

B
Errors of Omission

C
compensating errors

D
Errors of Commission

Solution

Since one account has been debited in excess and one has been debited short, the two errors will neutralize each other.
Question 2
1 / -0

Which of the following will affect the trial balance

A
Wrong recording in the books of original entry.

B
Errors of complete omission.

C
Complete omission from posting to the A/c

D
Wrong balance trasferred

Solution

It is a one sided error and therefore will affect the trial balance.
Question 3
1 / -0

A sale to Chetan for Rs.21, 400 has been posted to the customer's account as Rs.24,100. The trial balance failed to balance but the difference has not been placed in a Suspense account. The journal entry to correct this error would require which of the following

A
Debit sales account and credit Chetan’s account with Rs.2700

B
Debit Chetan's account with Rs.2,700

C
Debit Suspense account and credit Chetan's account with Rs.2,700

D
Credit Chetan's account with Rs.2,700

Solution

Chetan's account has been debited in excess by 2700. So it will now be credited with the same amount. Suspense account will not be debited because the difference has not been transferred to suspense account.
Question 4
1 / -0

There can be of two types of error of omission

A
error of compensating omission and error of partial omission

B
error of complete omission and error of principle omission

C
error of first omission and error of last omission

D
error of complete omission and error of partial 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 5
1 / -0

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

A
Error of posting

B
Error of principle

C
Error of casting

D
Error of recording

Solution

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

Purchase Book has been undercast (short totalled) by Rs.100, so the purchase A/c will be debited short by Rs.100, decreasing the debit side of Trial Balance by Rs.100.It is an example of which error?

A
Wrong Totalling of Subsidiary Book

B
Error of Recording in the Book Of Original Entry

C
Error in Totalling or Balancing of Ledger A/c

D
Error of Posting

Solution

Purchase book is a subsidiary book which has been casted/totalled short. So it is an error of wrong totalling of the subsidiary book.
Question 7
1 / -0

Balance of suspense account will be transferred to

A
Trading account

B
Journal account

C
Profit and Loss account

D
Balance sheet

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 8
1 / -0

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

A
Rectification

B
Fault

C
Error

D
None

Solution

Accounting errors cause disagreement of the trial balance.
Question 9
1 / -0

Trial balance is affected by

A
One sided error

B
Two sided error

C
Both

D
None

Solution

Trial balance is not affected by two sided errors because in these errors, every error is neutralized by an equal and opposite error.
Question 10
1 / -0

Trial balance is equal from both sides but still there is some error. It indicate that:

A
There may be two sided error in the book

B
There is no error in the book

C
There may be two sided and one sided error in the book

D
There may be one sided error in the book

Solution

Two sided errors do not cause the trial balance to disagree, only one sided errors do.

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Re-Attempt Weekly Quiz Competition

Trial Balance and Rectification of Errors Test - 3

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Trial Balance and Rectification of Errors Test - 3

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Question 1

Error of principle

Errors of Omission

compensating errors

Errors of Commission

Solution

Question 2

Wrong recording in the books of original entry.

Errors of complete omission.

Complete omission from posting to the A/c

Wrong balance trasferred

Solution

Question 3

Debit sales account and credit Chetan’s account with Rs.2700

Debit Chetan's account with Rs.2,700

Debit Suspense account and credit Chetan's account with Rs.2,700

Credit Chetan's account with Rs.2,700

Solution

Question 4

error of compensating omission and error of partial omission

error of complete omission and error of principle omission

error of first omission and error of last omission

error of complete omission and error of partial omission

Solution

Question 5

Error of posting

Error of principle

Error of casting

Error of recording

Solution

Question 6

Wrong Totalling of Subsidiary Book

Error of Recording in the Book Of Original Entry

Error in Totalling or Balancing of Ledger A/c

Error of Posting

Solution

Question 7

Trading account

Journal account

Profit and Loss account

Balance sheet

Solution

Question 8

Rectification

Fault

Error

None

Solution

Question 9

One sided error

Two sided error

Both

None

Solution

Question 10

There may be two sided error in the book

There is no error in the book

There may be two sided and one sided error in the book

There may be one sided error in the book

Solution

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