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Question-1
If the trial balance agrees. It implies that ___________
(A)
There is no error in the books
(B)
There may be two sided errors in the book
(C)
There may be one sided errors in the book
(D)
There may be both two sided and one sided in the books
Question-2
If wages paid for installation of new machinery is debited to wages Account, it is :
(A)
An error of Commission
(B)
An error of principle
(C)
A compensating error
(D)
An error of omission
Question-3
A trial Balance is prepared
(A)
To check the arithmetical accuracy of ledger account
(B)
To help in locating errors
(C)
To help preparation of final accounts
(D)
All of these
Question-4
Balance method of preparing trial balance is other wise known as __________.
(A)
Net trial balance
(B)
Gross trial balance
(C)
Net cum balance method
(D)
None of these
Question-5
If Suspense account shows debit balance it will be shown in the __________ side of balance sheet.
(A)
Asset
(B)
Liabilities
(C)
None of these
(D)
All of these
Question-6
If suspense account does not balance off even after rectification of errors it implies that
(A)
There are some one sided error only in the books yet to be located
(B)
There are no more error yet to be located
(C)
There are some two sided errors only yet to be located
(D)
There may be both one sided errors and two sided errors yet to be located
Question-7
Errors where transactions are totally omitted to be recorded in the journal or subsidiary book and which do not affect the agreement of trial balance is called ________.
(A)
Errors of omission
(B)
Errors of commission
(C)
Errors of principles
(D)
Errors of duplications
Question-8
Which of the following is a clerical error
(A)
Error of Omission
(B)
Error of Commission
(C)
Compensatory error
(D)
All of these
Question-9
When the net result of all errors is nil, it is called
(A)
Error of omission
(B)
Error of commission
(C)
Error of principle
(D)
Compensating error
Question-10
New account opened to make the trial balance tally is called _______.
(A)
Suspense a/c
(B)
Errors a/c
(C)
Adjusting entry
(D)
Closing entries
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Plus 1 Commerce
ICSE/ISC
Practice in Related Chapters
Introduction Of Accounting
Concepts, Standards And Basis
Classification Of Accounts Under Double Entry System And Accounting Equation
Ledger
Trial Balance
Final Accounts Or (Financial Statements)
Journal
Sub-Division Of Journal : Cash Book
Sub-Division Of Journal : Specified purpose Subsidiary
Bank Reconciliation Statement
Rectification Of Errors
Capital And Revenue Expenditure/Income
Depreciation Accounting
Provisions And Reserves
Single Entry System : Accounts From Incomplete Records
Accounts of Non Trading Organization
Bills of Exchange
Introduction To The Use Of Computers In Accounting
Accounting concepts,standards and basis
Introduction to Accounting
Depreciation, Provision and Reserves
Trial Balance and Rectification of Errors
Depreciation, Provision and Reserves
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