Correction Of Errors - Pop Quiz 1

On which side do you enter a debit entry?

• Left

• Right

Which account do you create to record the difference of the amount if the trial balance unbalances?

• Suspense

• Balances

• Differences

What is the entry for Bank account if a purchase transaction occurs?

• Dr

• Cr

What is the entry for Sales account if a sale transaction occurs?

• Dr

• Cr

What is the entry for Accounts Payable if a payment RM 2,500 made to a creditor?

• Dr

• Cr

What is the entry for Account Receivable if a sales return transaction occurs?

• Dr

• Cr

What is the entry for Account Payable if you bought goods from supplier?

• Dr

• Cr

An insurance payment was correctly credited to the bank account but was posted to the salaries.

What type of error is it?

• Error of commision

• Error of ommission

• Error of principle

• Error of posting to the wrong side of an account

Repairs of office equipment was debited to the office equipment account.

What type of error is it?

• Error of commision

• Error of ommission

• Error of principle

• Compensating Error

Goods purchased had been sold to debtor on credit. No record of the sale had been made in the accounts.

What type of error is it?

• Error of commision

• Error of ommission

• Error of principle

• Error of omission of single entry