Rectification of Errors
Salaries of $5,100 were wrongly posted to the salaries account as $1,500. This is an example of:
Error of principle
Error of posting
Error of commission
Compensating error
Error of commission
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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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