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Correction Of Errors Quiz 6 (23 MCQs)

Quiz Instructions

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1. A compensating error is:
2. Transaction entered in wrong account and wrong class
3. 08 ) A trader calculated her profit for the year at $ 14 800. The following errors were then discovered. No entry had been made for $ 200 wages accrued. The insurance expense included a prepayment of $ 90. What is the correct profit for the year?A $ 14 510B $ 14 690C $ 14 910D $ 15 090
4. Purchase of inventory for $ 450 was treated as the purchase of non-current assets
5. Cash sales of $ 820 were recorded in the accounts as Dr Cash $ 820 Cr Sales $ 800. The total of the travel expenses in the petty cash book was mistotalled at $ 30 rather than the correct figure of $ 50
6. Sales returns and discounts received were both overstated by RM 250.
7. Trial balance totals differ by 200:
8. The closing inventories of a firm were overvalued by 3 million KHR due to overcasterror in one of the inventory valuation sheets. How would the correction ofthis affect the reported profit?
9. State the effect on Profit for the Year:Discount Allowed of £25 had been omitted from the Ledger Accounts
10. The purchase of a computer for office use was debited to purchases account.This is an error of
11. Repairs to motor car $ 200 debited to motor car account. what is the rectification entry?
12. Which of the following items appear on the same side of the trial balance?
13. An error of omission occurs when:
14. Purchase of 2, 000 posted to sales account:
15. 09) A sales invoice for $ 800 was incorrectly recorded in the sales journal as $ 1800. How did this error affect the trial balance?A The trial balance balanced but both totals were overstated by $ 1000.B The trial balance balanced but both totals were understated by $ 1000.C The trial balance did not balance because the credits were overstated by $ 1000.D The trial balance did not balance because the debits were understated by $ 1000.
16. Which of the following errors would affect a trial balance?
17. Goods worth $ 300 withdrawn by the owner during the year for personal use have been debited to the cost of sales account and credited to the inventory account.State the effect of error on profit for the period, assets, liabilities and equity.
18. WHICH OF THE FOLLOWING ERROR IS AN ERROR OF ORIGINAL ENTRY?
19. Which of the following errors will NOT affect the trial balance?
20. Both salaries expense and commission income were overstated by $ 900. State the correction of error.
21. THE PURPOSE OF TRIAL BALANCE IS TO .....
22. Sale of $ 48 cash were debited to sales and credited to cash
23. Goods RM 50 taken by owner for his personal use was recorded as RM 500 in the books.Correct the above error.
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