Online exam in Rectification of Errors in Fundamentals of Accounting for preparation of professional exams of ca cpt, ca foundation, cs foundation, cma foundation,and also for B.com, M.com, MBA
Rectification of Errors-Test 3
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Rectification of Errors-Test 3
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The goods sold for Rs.900 but the amount was entered in the sales account as Rs.1080.On rectification ,suspense account will be———
Correct
Incorrect
Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Rs.25000 received form Aditi, is credited in the account of Prema. It is an error of ———
Correct
Incorrect
Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Wages paid for the erection of a machine debited to Wages A/C is an example of ———
Correct
Incorrect
Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A second hand machinery is purchased for Rs.10,000, the amount of Rs.1500 is spent on for installation.
The amount debited to machinery account will be ———-
Correct
Incorrect
Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Suspense Account is a ———–
Correct
Incorrect
Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Sales of Rs.1540 to Mr.x was posted to his account as Rs.1450.To rectify the error, Rs.90 will be ———to ‘X’ account
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A cheque for Rs.500 received from Yuvaraj&Co was dishonoured and debited to Discount account .Due to rectification of this error,net profit will——–
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Sales to Mr.Z of Rs.3000 on credit was recorded twice in the sales book . The rectification entry is ———–
Correct
Incorrect
Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The beginning stock of the current year is overcasted by Rs.500 and closing stock is overcasted by Rs.1200.Effect on profit————
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Rectification in next financial year is done through ———-
Correct
Incorrect
Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A machine was purchased for Rs.3000 which was wrongly recorded in Purchase A/C.Due to this error——-
Correct
Incorrect
Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Error of commission do not allow———
Correct
Incorrect
Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
When the total of trial balance is not reconciled,the account opened at this juncture is ———-
Correct
Incorrect
Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which type of error occurs when credit sales is wrongly posted to purchase day book———-
Correct
Incorrect
Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A purchase of computer was debited to office expenditure account . This is an error of ———–
Correct
Incorrect
Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What will be the effect when return inward is wrongly entered as return outward?
Correct
Incorrect
Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Total of sales book was understated by Rs.200. rectification entry will be———–
Correct
Incorrect
Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Sale of old furniture is erroneously entered in sales book. rectification entry will be ————
Correct
Incorrect
Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Sale of old furniture is wrongly transferred to sales Account.Which type of error is this?
Correct
Incorrect
Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Sales for Rs.5000 was entered as purchase. The effect of this error will be —–
Correct
Incorrect
Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A cloth merchant purchased furniture and recorded in purchase day book.It is error of ———
Correct
Incorrect
Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A new machine was purchased for Rs.100,000 but the amount was wrongly posted to Furniture account as Rs.10,000 and cash received from debtor Rs.11,200 was
omitted to be posted to ledger. The difference in trial balance due to such error will be——-
Correct
Incorrect
Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
An amount of Rs.8,765 paid to ‘M’ was debited to ‘N’s A/C.The rectification of the error will ———
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Ram earned a profit of Rs.1,40,000 for the year 2008-09.But at the time of audit ,the auditor found that Ram purchased a scooter on 1-04-08 for Rs.20,000 and charged it as revenue expenses. The auditor advised him to rectify the error now and to charge depreciation @15% on scooter.The correct profit after rectification will be—-
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
‘A’ sold goods to ‘B’ on credit for Rs.15,000 but debited to ‘C’ instead of ‘B’.The entry would affect ————
Correct
Incorrect
Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Error relating to fundamental aspect of accounting is known as ———-
Correct
Incorrect
Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Goods purchased of Rs.100 from ‘N’ was not recorded at all. What will be its effect on the trial balance?
Correct
Incorrect
Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Goods purchased from Keshav Rs.13,500 has been recorded as Rs.13,000 in purchase book. The error in this entry is——–