What is the first step in correcting errors?

Errors & the suspense account

Quiz
•
Business
•
4th Grade
•
Easy
Shanika Semper
Used 7+ times
FREE Resource
18 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Erase the error
Use correcting fluid
Correct the error in the ledger accounts
Correct the error in the cashbook
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is a suspense account used for?
To calculate net profit
To make totals of a Trial Balance agree
To track cash flow
To permanently record transactions
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does 'casting' mean in accounting?
To erase an error
To add up figures
To balance the trial balance
To write a journal entry
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What should be done with the suspense account after correcting all errors?
Close it
Ignore it
Transfer it to another account
Increase its balance
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is 'overcasting'?
Adding figures correctly
Adding figures to less than they should be
Not adding figures at all
Adding figures to more than they should be
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If a Trial Balance has a credit Balance for the suspense account, where should it be included in the balance sheet?
Equity
Long term liability
Current assets
Current liabilities
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is an error of commission?
Omitting a transaction
Correct amount in the person wrong account
Wrong amount in the correct account
Correct amount in the wrong type account
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