Rectification of Errors
Costing errors are not reflected in the trial balance.
True
False
False
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When a transaction is recorded without due regard to the fundamental principles of accounting, it is an example of:A. Error of omission
B. Error of posting
C. Error of casting
D. Error of principle
Errors are classified into the following number of groups:
A. Three
B. Two
C. Four
D. Six
Errors which are made while recording transactions in the journal and posting them in the ledger are called:
A. Trial balance errors
B. Book keeping errors
C. Balance sheet errors
D. None of these
If no distinction between capital and revenue expenditures is made while a recording transaction, it is:
A. Compensating error
B. Error of principle
C. Error of omission
D. Error of posting
One-sided errors detected before the preparation of the trial balance are rectified without journal entries.
A. True
B. False
C.
D.
Agreement of trial balance means that there is no error in the books of account.
A. True
B. False
C.
D.
Errors of principle affect only one account.
A. True
B. False
C.
D.
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