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Account 1 Marks Question

Rectification of Errors · CBSE STD 11 Commerce (CBSE - English Medium). 28 questions.

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1 Marks Question

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28 questions · timed · auto-graded

Question 11 Mark
Which of these errors would be disclosed by the Trial Balance and why:
  1. Cheque of ₹ 9,500 from Vikas entered in Vikas's Account as ₹ 5,900.
  2. Selling expenses have been debited to Sales Account.
  3. Credit sales of ₹ 3,000 entered in both the accounts as ₹ 300.
  4. A purchase of ₹ 2,500 was omitted entirely from the books?
Answer
Because wrong amount has been entered although in the correct account.
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Question 21 Mark
What is meant by Compensating Error?
Answer
Compensating Error is the error the effect of which is nullified by another error of equal amount.
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Question 31 Mark
Goods were sold to Jogi for ₹ 4,000 and to Yogi for ₹ 3,000. The transactions were recorded properly in the Sales Book, but ₹ 3,000 was posted to Jogi, while ₹ 4,000 was posted to Yogi. Identify the type of error.
Answer
Compensating Error.
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Question 41 Mark
Give two examples of Errors of Commission.
Answer
  1. Recording purchases of goods for ₹ 5,000 as ₹ 50,000.
  2. Cash balance of ₹ 1,000 carried forward as ₹ 10,000.
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Question 51 Mark
Name two types of errors with example which do not affect the Trial Balance.
Answer
  1. Errors of Principle.
Example-Recording of machinery purchased as purchases.
  1. Errors of Complete Omission.
Example-Goods purchased from Sita Rain of ₹ 5,000 but not recorded in the books of account.
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Question 61 Mark
What is meant by Error of Principle?
Answer
Error of Principle means recording a transaction in contravention of accounting principles.
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Question 81 Mark
Give one example of Error of Principle.
Answer
Recording freight on purchase of fixed asset as a revenue expenditure.
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Question 91 Mark
A transaction is recorded in wrong book of original entry with wrong amount, will it affect the Trial Balance? Give reason.
Answer
No. Reason, Error of Recording has the same effect on both the Debit and Credit aspects of a transaction.
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Question 101 Mark
Give two examples of Errors of Principle.
Answer
  1. Repair expense of machinery debited to Machinery Account.
  2. Commission paid for purchase of land is debited to commission Account instead of Land Account.
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Question 111 Mark
What is meant by a rectifying entry?
Answer
Rectifying entry means an entry passed to correct the error committed.
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Question 121 Mark
What is meant by Error of Omission?
Answer
Error of Omission means a transaction being omitted to be recorded completely or partially.
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Question 131 Mark
Why is a Compensating Error not disclosed by the Trial Balance?
Answer
A Compensating Error is not disclosed by the Trial Balance as one error is nullified by another error.
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Question 151 Mark
Wages paid to a worker for making additions to machinery amounting to 5,000 were debited to the Wages Account. Identify the type of error.
Answer
Error of Principle.
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Question 161 Mark
What do you mean by Suspense Account?
Answer
Suspense Account is an account in which the difference of Trial Balance is placed temporarily till the errors are located and rectified.
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Question 171 Mark
If a Trial Balance does not agree, the difference must be entered in:
  1. The Profit and Loss Account.
  2. A Suspense Account.
  3. A Nominal Account.
  4. The Capital Account. Give reasons.
Answer
  1. A Suspense Account.
Because the difference in a Trial Balance when located will be debited or credited to Suspense Account which ultimately should become nil.
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Question 181 Mark
In case of errors of partial omission, will the Trial Balance agree? Why?
Answer
No, the Trial Balance will not agree. Because a Trial Balance will agree only if both aspects of a transaction are posted into Ledger Accounts with correct amount.
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Question 191 Mark
Give two examples of Two-Sided Error.
Answer
  1. Machinery purchased recorded in the Purchases Book.
  2. Old furniture sold recorded as sales of goods.
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Question 201 Mark
What is One-Sided Error?
Answer
One-Sided Errors are those errors which have occurred in one side 'Debit' or 'Credit' of an account. Because of which Trial Balance will not agree.
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Question 211 Mark
Give two examples of One-Sided Error.
Answer
  1. Depreciation on computers not posted to Depreciation A/c.
  2. Purchase of stationery of ₹ 500 posted twice to Stationery A/c.
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Question 221 Mark
What is meant by Error of Partial Omission?
Answer
Error of Partial Omission means a transaction being recorded partially and if recorded completely has been posted into Ledger Accounts partially.
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Question 231 Mark
What is Two-Sided Error?
Answer
Two-Sided Errors are those errors that have been committed on both sides, i.e., Debit and credit. Although error has been committed yet the Trial Balance will agree.
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Question 241 Mark
Give an example of recording in wrong Subsidiary Book.
Answer
Goods returned to Kabir of ₹ 5,000 recorded in the Sales Return Book.
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Question 251 Mark
A transaction is recorded correctly in Journal Proper have not posted in the ledger at all, will it affect the Trial Balance? Give reason.
Answer
No. Reason, Such errors of posting have the same effect on both the Debit and Credit aspects of a transaction as posting has not been done in both the accounts.
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Question 261 Mark
What is meant by Error of Complete Omission?
Answer
Error of Complete Omission means a transaction is not recorded in the books of account or if recorded has not been posted into Ledger Accounts.
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Question 271 Mark
What are the classification of errors?
Answer
  1. Errors of Omission.
  2. Errors of Commission.
  3. Errors of Principle.
  4. Compensating Errors.
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Question 281 Mark
Which of the following are not Errors of Principle and why:
  1. Vehicle expenses entered in Vehicles Account.
  2. Purchase of machinery entered in Purchases Account.
  3. Sales of ₹ 2,500 to Bishan completely omitted from books.
  4. Sales to A. Kumar entered in A. Singh's Account?
Answer
(iii) and (iv) are not errors of principle because, (iii) has not been recorded in the books thus, is an error of omission and (iv) has been recorded in a wrong account with the correct amount.
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1 Marks Question - Account STD 11 Commerce Questions - Vidyadip