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Real Life Application

Authored by Zulekha Ali

Other

11th Grade

Used 1+ times

Real Life Application
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting errors refer to mistakes in financial records. What are the methods of locating accounting errors?

Trial balance method

Bank reconciliation

Ledger scrutiny

All of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An error of principle is:

a mistake in applying accounting principles

a clerical error

an error in data entry

a computational error

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A compensatory error is:

an error that is corrected by another error

an error that cannot be corrected

an error that is ignored

an error that is repeated

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of error affects the trial balance agreement?

Two Sided Errors

One Sided Errors

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Example: Purchase of goods from Arshad & Co Rs. 4000 was omitted to be recorded in the books. What is the rectify entry for this transaction?

Debit Purchases Account Rs. 4000; Credit Arshad & Co Rs. 4000

Debit Arshad & Co Rs. 4000; Credit Purchases Account Rs. 4000

Debit Cash Account Rs. 4000; Credit Arshad & Co Rs. 4000

Debit Arshad & Co Rs. 4000; Credit Cash Account Rs. 4000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An Error of Original Entry in accounting is:

a mistake made when a transaction is first recorded in the books.

an error that occurs when transferring amounts from the journal to the ledger.

a discrepancy found during the bank reconciliation process.

a mistake in the calculation of financial ratios.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Based on the example provided, what is the correct entry for goods sold to Mr. Naeem for Rs. 5000?

Mr. Naeem 500, Sales 500

Mr. Naeem 5000, Sales 5000

Mr. Naeem 4500, Sales 4500

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