Rectification of Errors

Rectification of Errors
Errors in personal and real accounts affect the net profit.
True
False
Author: rikazzz Comment
Rectification of Errors
If any transaction, wholly or partially, is recorded incorrectly, this is an error of:
Omission
Commission
Author: rikazzz Comment
Rectification of Errors
Errors of omission do not disturb the trial balance.
True
False
Author: rikazzz Comment
Rectification of Errors
Errors of principle affect only one account.
True
False
Author: rikazzz Comment
Rectification of Errors
Agreement of trial balance means that there is no error in the books of account.
True
False
Author: rikazzz Comment
Rectification of Errors
One-sided errors detected before the preparation of the trial balance are rectified without journal entries.
True
False
Author: rikazzz Comment
Rectification of Errors
If no distinction between capital and revenue expenditures is made while a recording transaction, it is:
Compensating error
Error of principle
Error of omission
Error of posting
Author: rikazzz Comment
Rectification of Errors
Errors which are made while recording transactions in the journal and posting them in the ledger are called:
Trial balance errors
Book keeping errors
Balance sheet errors
None of these
Author: rikazzz Comment
Rectification of Errors
Errors are classified into the following number of groups:
Three
Two
Four
Six
Author: rikazzz Comment
Rectification of Errors
When a transaction is recorded without due regard to the fundamental principles of accounting, it is an example of:
Error of omission
Error of posting
Error of casting
Error of principle
Author: rikazzz Comment

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