Errors & the suspense account

Errors & the suspense account

4th Grade

18 Qs

quiz-placeholder

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Errors & the suspense account

Errors & the suspense account

Assessment

Quiz

Business

4th Grade

Easy

Created by

Shanika Semper

Used 7+ times

FREE Resource

18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the first step in correcting errors?

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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