Rectification of Errors
Online Mock Tests 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 2
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Previous Years Examination Questions
Subject :Fundamentals of Accounting Questions: 30
Chapter:Rectification of Errors-Test 2
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Question 1 of 30
1. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGError relating to fundamental aspect of accounting is known as :
Correct
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Question 2 of 30
2. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGGoods purchased of Rs.100 from N was not recorded at all. What will be its effect on the trial balance ?
Correct
Incorrect
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Question 3 of 30
3. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGGoods purchased from Keshav Rs.13,500 has been recorded as Rs.13,000 in Purchase Book. The error in this entry is :
Correct
Incorrect
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Question 4 of 30
4. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGRs.1,000 received as interest, shown as interest paid in cash book. Due to this error the cash balance will be effected by :
Correct
Incorrect
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Question 5 of 30
5. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf one of the cars purchased by a car dealer is used for business purpose and has been debited to goods for resale A/c, then the rectification entry will be :
Correct
Incorrect
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Question 6 of 30
6. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGHari charges 10% depreciation on plant and machinery. On 1st April 2011 he debited Rs.7,520 paid on installation of plant and machinery to profit and loss account. At the time of preparing final accounts on 31st March, 2012 due to this error,
Correct
Incorrect
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Question 7 of 30
7. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich of the following errors will not be revealed by trial balance at the end of the year ?
Correct
Incorrect
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Question 8 of 30
8. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGMr. Ravi Shankar lyer is carrying sole proprietorship business. On the occasion of his daughter’s marriage he bought a car for Rs.5,00,000 to gift it to his son-in-law. To record the above transaction he passed the following journal entry :
Car A/c Dr.5,00,000
To Cash A/c 5,00,000
What will be the journal entry to rectify the above journal entry as already passed by him ?
Correct
Incorrect
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Question 9 of 30
9. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf purchase of goods amounting Rs.500 has been wrongly posted to credit side of purchase account. The difference in the Trial Balance would be
Correct
Incorrect
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Question 10 of 30
10. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGGoods worth Rs.750 were purchased from S & Co. but while posting wrong debit was given to R & Co. The total of credit side of the trial balance was Rs.43,750. Assuming that this is the only error, the total of the debit side of the trial balance was :
Correct
Incorrect
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Question 11 of 30
11. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich type of error occurs when credit sale is wrongly posted to purchases book ?
Correct
Incorrect
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Question 12 of 30
12. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOn scrutiny, an accountant found that
(i) Bad debts recovery of Rs.500 was credited to debtors A/c wrongly
(ii) Bank charges of Rs.50 was wrongly entered twice in Bank Book
(iii) Purchase return of Rs.100 was omitted to be entered in the books of A/c
What will be the net effect in profit after above rectification ?
Correct
Incorrect
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Question 13 of 30
13. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOld office furniture sold to Sethi for Rs.2,000 was entered in the Sales Book. The book value of furniture sold was Rs.2,500.
Rectification entry would be :
Correct
Incorrect
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Question 14 of 30
14. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich of the following mentioned error will not affect the Trial Balance ?
Correct
Incorrect
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Question 15 of 30
15. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGRectification entries are first recorded in ______ .
Correct
Incorrect
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Question 16 of 30
16. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWages Rs.500 paid for installation of a new machine was wrongly posted to wages account instead of machinery account. It is an error of
Correct
Incorrect
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Question 17 of 30
17. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGThe following errors were detected in the books of Shreay Ltd. While preparing the final accounts :
(i) A Cheque received for Rs.3,100 from Franc & Co. was dishonoured and debited to discount account
(ii) The sales account has been totaled short by Rs.23,000
(iii) Goods of Rs.1,200 returned by Kumar & Sons were included in stock but no entry was made in the books.
After rectifying above mistakes, net profit will.
Correct
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Question 18 of 30
18. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich type of error can occur while posting the journal entries in the ledger ?
(A) Error of Principle
(B) Error of Commission
(C) Error of Partial Omission
(D) Error of Complete Omission
Correct
Incorrect
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Question 19 of 30
19. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOn Examination of old books of Mr. Rai’s firm, a Chartered Accountant found the following mistakes :
- Purchase of a cycle was debited to conveyance account Rs.3,000. Fixed assets are depreciated at 10% depreciation.
- A credit purchase of goods from Mr.X for Rs.2,500 entered as sale.
- Receipt of cash from Mr.A was posted to the account of Mr.B Rs.1,500
What will be the effect on Capital Account of Mr.Rai after rectifying above mistakes ?
Correct
Incorrect
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Question 20 of 30
20. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIf a purchase return of Rs.3,500 has been wrongly posted to the debit of the sales Returns Account, but has been correctly entered in the supplier’s account, the total of
Correct
Incorrect
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Question 21 of 30
21. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGRs.18,000 received from tenant for rent and entered correctly in the cash book. It is posted to the debit of the rent account. In the trial balance :
Correct
Incorrect
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Question 22 of 30
22. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGAn error can be deleted at any of the following stages :
Correct
Incorrect
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Question 23 of 30
23. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGStamp duty on property purchased has been debited to “Legal Expenses” account by the accountant. Which type of error has been committed ?
Correct
Incorrect
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Question 24 of 30
24. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGIn the course of locating the reason of differences in trial balance, it has been found that an amount received from a customer has been debited to his account and purchase from a supplier has been wrongly entered in the ledger as Rs.17,720 instead of Rs.17,270. These errors may be classified as :
Correct
Incorrect
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Question 25 of 30
25. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGErrors of commission do not allow :
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Question 26 of 30
26. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGErrors of Principle do not allow :
Correct
Incorrect
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Question 27 of 30
27. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGRectifying Entry is not required to be posted in case of –
Correct
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Question 28 of 30
28. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich of the following errors is an error of omission ?
Correct
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Question 29 of 30
29. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGWhich of the following errors is an error of principle ?
Correct
Incorrect
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Question 30 of 30
30. Question
1 pointsCategory: FUNDAMENTAL OF ACCOUNTINGOn purchase of old furniture, Rs.3,000 spent on its repairs should be debited to :
Correct
Incorrect
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