- (A) Error of casting affects personal accounts
- (B) Omission of a transaction from a subsidiary record affects only one account
- (C) Error of carry forward affects two accounts
- (D) Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Accounting Mcqs
- (A) Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
- (B) Undercasting or overcastting of a subsidiary book is an example or error of commission
- (C) Errors of principle do not affect the agreement of Trial Balance
- (D) Both
- (A) Sale of ` 100 was recorded in the Purchases Journal
- (B) Wages paid to Mohan have been debited to his account
- (C) The total of the sales journal has not been posted to the Sales Account
- (D) Repairs to buildings have been debited to buildings account
- (A) The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
- (B) The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
- (C) The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
- (D) The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
- (A) Errors of complete omission
- (B) Errors of principle
- (C) Errors of posting to wrong account
- (D) All the three
- (A) Errors of casting
- (B) Errors of carry forward
- (C) Errors of posting
- (D) All the three
- (A) Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
- (B) Stand by equipment and servicing equipment
- (C) Expenditure incurred on test runs and experimental production
- (D) Administration and general expenses
- (A) Increase in working capacity of an asset
- (B) Reduction in operating costs
- (C) Replacing damaged parts of an asset
- (D) Both
- (A) Compensation paid to Directors on termination of their services
- (B) Expenditure incurred in connection with the renewal of a Trade Mark.
- (C) Gratuities paid to Directors on termination of their services.
- (D) Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines.
- (A) All the significant events after the Balance Sheet date
- (B) The events after Balance Sheet date but before submitting it to the Registrar of Companies
- (C) The events after Balance Sheet date but before its approval by the board
- (D) All changes after Balance Sheet date before its approval
