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
Error of principle
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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
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.
Errors of omission do not disturb the trial balance.
A. True
B. False
C.
D.
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