Mock test in Types of errors in accounting.
types of errors in accounting are clerical errors and errors of principle.
MCQ's in Rectification of ErrorsTime limit: 0
Quiz-summary0 of 25 questions completed Questions:
Information
Subject :- Fundamentals of Accounting & Auditing Chapter :- Accounting process-II – Test 2 Questions :- 25 You have already completed the quiz before. Hence you can not start it again. Quiz is loading... You must sign in or sign up to start the quiz. You have to finish following quiz, to start this quiz: Results0 of 25 questions answered correctly Your time: Time has elapsed You have reached 0 of 0 points, (0)
Categories
|
Accounting errors can be classified into errors of principle and clerical errors.
Clerical errors are further classified into errors of omission, errors of commission and compensating errors.
Most of the errors are rectified by passing journal entries
.
Accounting Errors : Mistakes committed by persons recording and keeping accounts.
Errors of Principle : These errors arise because of the failure to differentiate between capital expenditure and revenue expenditure and capital receipts and revenue receipts
.
Errors of Commission : These errors arise due to some positive act of commission on the part of the person responsible for the maintenance of the books of account.
Errors of Omission : These errors arise as a result of some act of omission on the part of the person responsible for the maintenance of books of account.
Compensating Errors : The total effect of these errors is not reflected in the trial balance.
rectification of errors,rectification of errors class 11,rectification of errors class 11 solutions,rectification of errors in accounting,rectification of errors pdf,
