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Correction Of Errors Quiz 3 (30 MCQs)

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1. Purchase return of $ 87 was entered in both accounts as $ 870
2. 2) $ 68 paid by credit transfer for insurance was entered in the accounting records as $ 86.Which double entry will correct this error? account debited $ account credited $ A Bank 18 insurance 18B bank 68 Insurance 68C insurance 18 bank 18D insurance 68 bank 68
3. Insurance of $ 200 paid by cheque has been recorded as $ 20 in both accounts.State the effect of error on profit for the period, assets, liabilities and equity.
4. Which of the following is NOT a shortcoming of single entry book-keeping?
5. Credit purchase of goods worth $ 340 has been recorded as $ 430. The correcting journal entry would be:
6. Cheque of $ 580 paid to Melon Tree has been recorded in the account of Melon Three.State the effect of error on profit for the period, assets, liabilities and equity.
7. Increase in allowance for doubtful debts should be
8. Sale understated by 200 and purchase overstated by 200:
9. 07) A suspense account was opened with a credit balance of $ 840. Which error caused this?A A cheque for $ 420 received from a customer was debited to his account.B Discounts allowed, $ 420, was debited twice in the discounts allowed account.C Goods costing $ 420, taken by the owner of the business for own use, were credited to his drawings account.D Rent received, $ 420, was credited twice in the rent receivable account.
10. What type of error has occurred when cheque of $ 110 paid to Dominic credited to the account of Max?
11. Which of the following type of error will result in an imbalance on the trialbalance?
12. Expenses on minor repairs of building was posted to building account. This isan error of
13. What type of error has occurred when a transaction is missed out of the accounts completely?
14. A trial balance is a proof of accuracy of
15. What is the impact on profit for the year if income overstated?
16. What type of error has occurred when motor car purchased was debited to maintenance expenses by mistake?
17. What type of error has occurred when purchases of machinery are entered in the purchases account?
18. Returns inward is overcast by 800, 000 KHR and discount received is undercastby 2, 000, 000 KHR. The effect of the errors is that, profit will be
19. A trial balance lists:
20. A petty cash voucher for stationery $ 18 was overlooked
21. Which of the following is an example of error of Principle
22. Which of the following is not an example of error of commission
23. 01) Saddique's trial balance failed to balance. The debit column totalled $ 12 250 and the credit column totalled $ 12 200.The following errors were discovered. No entry had been made for cash sales, $ 150. The total of the discount received account, $ 50, had been omitted from the trial balance. What were the totals of the trial balance after the errors had been corrected?A $ 12 250B $ 12 300C $ 12 350D $ 12 400
24. The purchase of some new office equipment, $ 2300, was debited to the purchases account
25. WHEN A TRANSACTION WAS COMPLETELY OMITTED FROM THE BOOKS, IT IS CALLED .....
26. The cost of goods purchased by cash was wrongly debited to sales account andcredited to cash book. The entries necessary to correct the error are:
27. REPAIRS OF MACHINERY WAS WRONGLY RECORDED AS PURCHASE OF MACHINERY. THE CORRECT JOURNAL ENTRY FOR THE CORRECTION OF ERRORS IS .....
28. Which one of the following is an error of commission?
29. A further sale of goods to Shakib of £1750 had not been recorded in the books of The Coach. Choose the journal entry needed to correct the errors.
30. Credit sale of goods worth $ 300 to Lucy has been posted to Lucas' account. The correcting journal entry would be:
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