CBSE Questions for Class 11 Commerce Accountancy Trial Balance And Rectification Of Errors Quiz 9 - MCQExams.com

State with reasons whether the following statement is true or false:
Purchase of office furniture has been debited to general expenses account. It is a compensating error.
  • True
  • False
State with reasons whether the following statement is true or false:
Trial Balance is prepared after preparing the Profit and Loss A/c.
  • True
  • False
State with reasons whether the following statement is true or false:
Any type of error affects the agreement of Trial Balance.
  • True
  • False
State with reasons whether the following statement is true or false:
Rectifying errors in subsequent accounting period always affects the profit or loss of that period.
  • True
  • False
What is UNCOMMON in trial balance?
  • Balances of personal, real and nominal account are shown
  • Closing stock appears in trial balance
  • Statement of assets and liabilities
  • Both b & c
Office was renovated and renovation charges were Rs.They were put in purchase book account. It is
  • Error of complete omission
  • Error of principle
  • Error of commission
  • All of the above
The factor which distinguishes an error from fraud and other irregularity is _________.
  • Intent
  • materiality
  • whether it is a dollar amount or a process
  • whether it is a caused by the auditor or the client.
The feature of errors of principle 
  • affect trial balance
  • affect profit and loss account
  • Both a and b
  • None of the above
The statement showing balance of all the ledger accounts is known as ______________.
  • Trial balance
  • Balance sheet
  • Bank reconciliation statement
  • Profit and loss account.
 In case of Trial Balance, balance comes from _________.
  • Journal
  • Ledger
  • Balance Sheet
  • Profit & Loss A/c.
After preparing the Trial Balance, the accountant finds that the total of the debit side of Trial Balance is short by Rs. 1,This difference will be _________.
  • credited to suspense account
  • debited to suspense account
  • adjusted to any of account having debit balance
  • adjusted to any of account having credit balance
If the totals of two columns of trial balance are equal it means _________.
  • ledger posting is correct
  • no outstanding debit
  • no outstanding credit
  • all of the above
Which of the following account(s) will be affected, while rectifying the error of a purchase return of Rs.200 to Mr. A entered in sales book instead of purchase return book?
  • A's account only
  • Sales account only
  • Purchase returns account and sales account
  • Purchases account only
Which of the following errors will result into non-agreement of the trial balance?
  • Totaling the returns inwards journal as $$Rs. 11,400$$ instead of $$Rs. 12,600$$.
  • Recording a sales invoice for $$Rs. 5,600$$ as $$Rs. 6.500$$ in the Sales Journal.
  • Failing to record a purchase invoice for $$Rs. 54,000$$ in the Purchases Journal.
  • Recording in the Purchases Journal, an invoice, for acquiring a noncurrent asset for $$Rs. 60,000$$.
Trial balance proves only the __________ accuracy of ledger posting.
  • debit values
  • accounting 
  • arithmetical
  • credit values
One of the objective of preparing Trial Balance is to help locate ___________.
  • clerical errors
  • financial statements
  • difference between ledger and journal
  • none of the above
Ahmad Industries want to make payment to supplier in the form of a pay order. The bank deducted Rs.160 as service charges without its knowledge. The error is known as _________.
  • error of commission
  • error of omission
  • error of original entry
  • error of principle
Error of principle will not permit _________.
  • correct total of the balance sheet
  • correct total of the trial balance
  • the trial balance to agree
  • none of the above
$$Rs.1,000$$ was paid as rent to the landlord Krishna. This amount was debited to Krishna's personal account. This error will __________.
  • affect agreement of the trial balance
  • not affect agreement of the trial balance
  • affect the suspense account
  • none of the above
Which of the following errors will not cause the disagreement of Trial Balance?
  • Rs. 821 received from Ravi has been debited to Kavi
  • A purchase of Rs. 281 Irom Sanju has been debited to his account as Rs. 281
  • An invoice for Rs. 490 is entered in the SA/cs Book as Rs. 840
  • All of the above.
If a credit sale of Rs. 15,400 to Pram had been entered as Rs. 14,The Journal entry for rectifying the error would be: 
  • Debit Cash Account and Credit Sale Account with Rs. 900
  • Debit Prem Account and Credit Sales Account with Rs. 900
  • Debit Sales Account and Credit Pram Account with Rs. 900
  • Debit Prem, Account and Credit Sales Account with Rs. 15,400
The credit side of trial balance show __________.
  • Bank
  • Cash
  • Equipment
  • None of the above
What is possible if the trail balance of a company agrees?
  • There are two mistakes in the recordings made
  • There may be some mistakes in the recording of books
  • Both a and b
  • None of the above
Because of the lack of proper fundamental accounting knowledge _______ type of error is done.
  • partial omission error
  • compensating error
  • error of principle
  • all of the above
When two or more errors are committed in such a way the effect of one error is compensated by another error. Which type of error is this?
  • Error of Commission
  • Compensating Error
  • Error of Principle
  • None of these
If there is an error in trial balance which is not affecting its total, will it affect any accounting procedure?
  • Yes
  • No
  • Don't know
  • Partly Yes
It SA/cs is done and by mistake A's account is transferred to Purchase No in such a case which accounts are affected? 
  • Purchase a/c
  • A's a/c
  • Both (a) and (b)
  • None of the above.
Which of the following best describes a trial balance?
  • It is a list of balances on the books
  • Shows the financial position of a business
  • Shows all the entries in the books
  • It is a special account
In case the accountant is unable to differentiate between capital expenditure and revenue expenditure it is type of error ________.
  • Accounting error
  • Errors of principle
  • Errors of omission
  • Errors of commission
Company purchased furniture worth Rs 1 lakh but it was wrongly recorded remedy to this problem will affect__________.
  • One account
  • Two account
  • It is an independent account
  • It can not be rectified
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Practice Class 11 Commerce Accountancy Quiz Questions and Answers