CORRECTION OF ERRORS

SALES OF GOODS TO LUQMAN WAS WRONGLY RECORDED AS SALES OF GOODS TO HAKIM.

IDENTIFY THIS TYPE OF ERROR.

• ERROR OF COMMISSION

• ERROR OF OMISSION

• ERROR OF PRINCIPLE

• ERROR OF ORIGINAL ENTRY

THE PURPOSE OF TRIAL BALANCE IS TO ____________________________________

• CLOSE THE ACCOUNTS IN THE BOOKS

• CHECK THE ARITHMETICAL ACCURACY OF THE ENTRIES

• CORRECT THE ERRORS IN THE BOOKS

• DETERMINE THE GROSS AND NET PROFIT OF THE BUSINESS

REPAIRS OF MACHINERY WAS WRONGLY RECORDED AS PURCHASE OF MACHINERY.

THE CORRECT JOURNAL ENTRY FOR THE CORRECTION OF ERRORS IS __________________

• DEBIT- MACHINERY A/C

  CREDIT - REPAIRS A/C

• DEBIT - REPAIRS A/C

  CREDIT- SUSPENSE A/C

• DEBIT - REPAIRS A/C

  CREDIT-MACHINERY A/C

• DEBIT-MACHINERY A/C

  CREDIT-SUSPENSE A/C

WHICH OF THE FOLLOWING ERRORS, WOULD NOT AFFECT THE BALANCING OF A TRIAL BALANCE?

• AN AMOUNT POSTED TO HARIS

• AMOUNT OMITTED ENTIRELY FROM THE BOOKS

• AN AMOUNT POSTED TO THE WRONG SIDE OF THE ACCOUNT

• AMOUNT OVERCAST IN ONE ACCOUNT

WHICH OF THE FOLLOWING ERROR IS AN ERROR OF ORIGINAL ENTRY?

• SALES TO A.ROBERT ENTERED IN J.ROBERT A/C

• SALARIES $450 WERE DEBITED TO RENT A/C

• PURCHASES $440 FROM FAHAD ENTERED IN THE BOOKS AS $404

• SALES JOURNAL TOTAL $453 WAS TRANSFERRED AS $345

_______________ IS AN ENTRY WHICH HAS BEEN POSTED TO A WRONG CATEGORY OF ACCOUNT.

• ERROR OF COMMISSION

• ERROR OF OMISSION

• ERROR OF ORIGINAL ENTRY

• ERROR OF PRINCIPLE

_______________ IA AN ENTRY WHICH HAS BEEN POSTED TO A WRONG ACCOUNT OF THE SAME CATEGORY.

• ERROR OF COMMISSION

• ERROR OF OMISSION

• ERROR OF ORIGINAL ENTRY

• ERROR OF PRINCIPLE

AN ENTRY OF A TRANSACTION HAS BEEN REVERSED. IDENTIFY THE ERROR.

• ERROR OF COMMISSION

• ERROR OF COMPENSATING

• ERROR OF ORIGINAL ENTRY

• ERROR OF REVERSAL ENTRIES

BOTH SALES AND WAGES WERE OVERCAST BY $100. THE CORRECT JOURNAL ENTRY WAS __________

• DEBIT SALES $100 AND CREDIT WAGES $100

• DEBIT SALES $100 AND CREDIT SUSPENSE $100

• DEBIT WAGES $100 AND CREDIT SALES $100

• DEBIT WAGES $100 AND CREDIT SUSPENSE $100

WHEN A TRANSACTION WAS COMPLETELY OMITTED FROM THE BOOKS, IT IS CALLED ___________

• ERROR OF COMPENSATING

• ERROR OF COMMISSION

• ERROR OF OMISSION

• ERROR OF ORIGINAL ENTRY