Suspense Account is a :A. Nominal A/cB. Real A/cC. Personal A/cD. Any of the above
  • A
  • B
  • C
  • D
A Machine was Purchased for Rs. 3,000 which was wrongly recorded in Purchase A/c. due to this error :A. Trial Balance will show difference by Rs. 3,000B. Trial Balance will not show difference by Rs. 3,000C. Both (a) and (b)D. None
  • A
  • B
  • C
  • D
Sale to Mr. Z of Rs. 3,000 on credit was recorded twice in the sales book. The rectification entry is :A. Mr. Z will be creditedB. Mr. Z will be debitedC. Sales account will be creditedD. None
  • A
  • B
  • C
  • D
‘A’ sold goods to ‘B’ on credit for Rs. 15,000 but debited to ‘C’ instead of ‘B’. The entry would affect:A. Trial BalanceB. Individual LedgersC. Balance SheetD. Total Debtors
  • A
  • B
  • C
  • D
When the total of trial balance is not reconciled, the account opened at this juncture is :A. Trading AccountB. Suspense accountC. Profit & Loss accountD. None of these
  • A
  • B
  • C
  • D
Total of sales book was understated by Rs.Rectification entry will be:A. Sales A/C Debit, Suspense A/C CreditB. Suspense A/C Debit, Sales A/C CreditC. Debtor A/C Debit, Sales A/C CreditD. Sales A/C Debit, Debtors A/C Credit
  • A
  • B
  • C
  • D
The goods sold for Rs. 900 but the amount was entered in the sales Account as Rs.On Rectification, suspense account will be:A. Debited by Rs. 180B. Credited by Rs. 180C. Debited by Rs. 1080D. Credited by Rs. 1080
  • A
  • B
  • C
  • D
An amount of Rs. 6,000 due from Anshul, which had been written off as a bad debt in a previous year, was unexpectedly recovered and had been posted to his personal account. The rectification entry is :A. Anshul A/c Dr. Rs. 6,000To Suspense A/c   Rs. 6,000B. Suspense A/c Dr. Rs. 6,000To Bad Debts Recovered A/c    Rs. 6,000C. No entry will be madeD. Anshul A/c Dr. Rs. 6,000To Bad Debts Recovered A/c     Rs. 6,000
  • A
  • B
  • C
  • D
Sale of old furniture is wrongly transferred to Sales Account. Which type of error is this ?A. Error of PrincipleB. Compensating ErrorC. Error of OmissionD. Error of Commission
  • A
  • B
  • C
  • D
Wages paid for the erection of a machine debited to Wages A/c is an example of :A. Error of PrincipleB. Clerical ErrorC. Error of OmissionD. Error of commission
  • A
  • B
  • C
  • D
A purchase of computer was debited to Office Expenditure Account. This is an error of :A. CommissionB. OmissionC. PrincipleD. Compensatory Error
  • A
  • B
  • C
  • D
Credit sale of Rs. 10,000 made to Sallu was passed through purchase book. The proper entry for rectification was the following :A. Sallu A/c Dr. 10,000To Sales A/c     10,000B. Sallu A/c Dr. 20,000To Purchases A/c    20,000C. Sallu A/c Dr. 20,000To Sales A/c       10,000To Purchases A/c   10,000D. None of the above
  • A
  • B
  • C
  • D
The beginning stock of the current year is overstated by Rs. 500 and closing stock is overstated by Rs.Effect on profit:A. Rs. 1700 (overstated)B. Rs. 1200 (understated)C. Rs. 1700 (understated)D. Rs. 700 (overstated)
  • A
  • B
  • C
  • D
An amount of Rs. 8,765 paid to M was debited to N’s a/c. The rectification of the error will-A. Increase the net profitB. Decrease the net profitC. Increase the assetsD. Have no erect on the net profit
  • A
  • B
  • C
  • D
A trial balance will not balance ifA. A correct entry is posted twiceB. Rs. 5,000 received from Harish is posted in the credit side of HariC. Sales on credit basis is credited to sales account and debited in cash account.D. Goods of Rs. 2,500 returned to Ram is added into the purchases
  • A
  • B
  • C
  • D
Debit balance as per cash book of ABC Enterprises as on 31st March, 2012 was Rs. 1,Cheques deposited but not cleared amount to Rs.Cheques issued but not presented amount to Rs.The bank allowed interest amounting to Rs. 50 and collected dividend Rs. 50 on behalf of ABC Enterprises. Balance as per Pass Book as on 31st March 2012, should be:A. Rs. 1,600B. Rs. 1,450C. Rs. 1,850D. Rs. 1,650
  • A
  • B
  • C
  • D
On purchase of old furniture, the amount of Rs. 1,000 spent on its repair should be debited toA. Repair account;B. Furniture account;C. Cash account;D. Bank account.
  • A
  • B
  • C
  • D
Goods worth Rs. 750 were purchased from S & Co. but while posting wrong debut was given to R & Co. The total of credit side of the trial balance was Rs. 43,Assuming that this is the only error, the total of the debit side of the trial balance was:A. Rs. 43,750B. Rs. 44,550C. Rs. 43,000D. Rs. 45,250
  • A
  • B
  • C
  • D
Sales of office furniture should be credited toA. Sales accountB. Furniture accountC. Purchase accountD. Cash account
  • A
  • B
  • C
  • D
If a purchase return of Rs. 1,000 has been wrongly posted to the debit of the sales returns account, but has been correctly entered in the suppliers’ account, the total of theA. Trial balance would show the debit side to be Rs. 1,000 more than the creditB. Trial balance would show the credit side to be Rs. 1,000 more than the debit.C. The debit side of the trial balance will be Rs. 2,000 more than the credit sideD. The credit side of the trial balance will be Rs. 2,000 more than the debit side.
  • A
  • B
  • C
  • D
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