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11th Accountancy Weekly Test - 3 ( Rectification of Errors )

MABS Institution

11th Accountancy Weekly Test - 3 ( Rectification of Errors )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Goods of Rs. 5000 purchased from Mr.B were recorded in sales book, the rectification of this error will________.

Increase the gross profit
Reduce the gross profit
Have no effect on gross profit
None of the above

________________ account will remain in the books until the location and rectification of errors.

Suspense
Ledger
Journal
None of these

The errors can be classified into ________ types.

one
Two
Three
Four

Suspense account balance will be shown in the _____________

Trading account
Profit and loss account
Balance sheet
Final account

The total of salary account is carried forward Rs. 1200 excess _________.

Errors in carry forward
Errors in posting
Errors in casting
Errors of commission

Goods taken by the Proprietor for domestic use should be credited to ______________

Proprietor's drawings account
Sales account
Purchases account
Suspense account

Good worth rs. 500 given as charity should be credited to ________.

charity Account
Sales Account
Purchase Account
None of the above

The errors that make up for each other or neutralise each other are known as _______________

Compensating Errors
Rectifying Errors
Both
None of these

When the accountant has failed to record a transaction partially, it is known as ________________

error of principle
error of partial omission
error of omission
error of commission

Which of the following errors will not affect the trial balance?

Wrong balancing of an account
Posting an amount in the wrong account but on the correct side
Wrong totalling of an account
Carried forward wrong amount in a ledger account

Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited?

Senguttuvan account
Sales returns account
Returns outward account
Purchases returns account

___________ are those which cancel themeselves out.

Error of principle
Error of Commission
Error of Omission
Compensating errors

Errors not affecting the agreement of trial balance are

Errors of principle
Errors of overcasting
Errors of undercasting
Errors of partial omission

________ errors can be located in the preparation of trial balance

Error of principle
Error of Commission
Error of Omission
Compensating errors

Suspense account is usually closed when ______.

Accounts are finalised
After the completion of auditing
All the errors are rectified
None of the above

Error of principle arises when

There is complete omission of a transaction
There is partial omission of a transaction
Distinction is not made between capital and revenue items
There are wrong postings and wrong castings

When one or both aspects of a transaction are recorded in the wrong category of an account this is called_________.

Error of principle
Error of Omission
Error of Commission
Error of original entry

Amount spent on servicing office Typewriter should be debited to:

Repairs account
Typewriter account
Miscellaneous expenses account
Drawings account

Rs. 60,000 paid on extension of building wrongly debited to repairs account. This is called the error of__________.

Commission
Omission
Principle
None of these

A transaction not recorded at all is known as an error of

Principle
Complete omission
Partial omission
Duplication

A credit purchase of furniture from Athiyaman was debited to purchases account. Which of the following accounts should be debited while rectifying this error?

Purchases account
Athiyaman account
Furniture account
None of these

When errors are located and rectified, _______________ automatically gets closed.

Suspense account
Journal account
Trial balance
Final account

Sales book is undercast by Rs.100, classify the error _________.

Errors of principle
Errors of commission
Errors in casting
Errors of omission

Casting errors are the result of _________.

Wrong totalling
Wrong Balancing
Wrong carry forward
none of the above

Which of the following errors will be rectified using suspense account?

Purchases returns book was undercast by Rs.100
Goods returned by Narendran was not recorded in the books
Goods returned by Akila 900 was recorded in the sales returns book as Rs.90
A credit sale of goods to Ravivarman was not entered in the sales book

The failure of the accountant to record a transaction in the books of accounts is known as ________________

error of omission
error of complete omission
error of partial omission
errors of principle

Many business enterprises have shifted from manual accounting to ________________ accounting.

Journal
Ledger
Computerised
None of these

The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry?

Purchases account
Suspense account
Creditor account
None of the above

The difference in trial balance is taken to

The capital account
The trading account
The suspense account
The profit and loss account

Errors which affect one side of an account are called.

Single sided errors
Double sided errors
Both
None of the above

______________ is prepared to avoid the delay in the preparation of final accounts.

Suspense account
Trading account
Profit and loss account
Final account

Wages paid to workers for the installation of a new machinery should be debited to :

Wages account
Factory expenses account
Machinery account
Proprietor's account

An entry Rs.75 has been debited to Rajesh's A/c as Rs. 57 an error of __________.

Error of principle
Error of Commission
Error of Omission
Compensating errors

Cash received from Mani whose account was previously written off as a Bad debt should be credited _______________

Cash account
Mani's account
Bad debts recovered account
Miscellaneous income account

Wages paid for installation of machinery wrongly debited to wages account is an error of

Partial omission
Principle
Complete omission
Duplication

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