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MCQs 1 To 10
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1. If transaction is totally omitted from the books, it is called?
2. If the sum of the debits and credits in a trial balance is not equal, then?
3. What is the treatment of ending stock in trial balance?
4. Which one of the following could not be classified as revenue expense?
5. Which of the following account(s) will be affected, while rectifying the error of carriage charges, paid for a new plant purchased mistakenly debited to carriage account?
6. Interest on loan paid by business is an example of?
7. Which error will discovered by the preparation of trial balance?
8. Disagreement of trial balance includes which errors?
9. Which of the following account(s) will be affected, while rectifying the error of sales to Rahim Rs. 336 posted to his account as Rs. 363?
10. Sale of goods to Mr. Amir is wrongly debited to Umair A/c(debtor) instead of Amir A/c(debtor), this is an example?
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MCQs 11 To 20
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11. Errors which affect one side of an account are called?
12. Goods of Rs. 1,000 purchased from Mr. “A” were recorded in sales book, the rectification of this error will?
13. Which of the following account(s) will be affected, while rectifying the error of Carriage paid Rs.50 for the newly purchased machinery mistakenly debited to carriage account?
14. The Company incorrectly recorded a deposit of daily credit sales of Rs. 4,500 as Rs. 5,400. What is the appropriate entry, the company should follow regarding the error of Rs. 900?
15. Suspense a/c is not used in which of the following cases?
16. Failure to differentiate between capital and revenue expenditures so this error is called?
17. Freight expenses for moving machinery to factory are?
18. Error of Principle arises when?
19. Expenditure incurred on erecting machinery is?
20. Which account is generally used for Rectification of Errors?
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References
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.
Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.
Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.
Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.
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