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Account MCQ .(1 Marks)

P2 C1 Rectification ofErrors · Gujarat Board (GSEB) STD 11 Commerce (GSEB - English Medium). 24 questions.

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MCQ .(1 Marks)

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24 questions · timed · auto-graded

MCQ 11 Mark
By opening suspense account, which of the following accounts brings effect on 'Profitand Loss account'?
  • A
    Error in personal A/c.
  • B
    Error in assets A/c.
  • C
    Error in both personal A/c and assets A/c
  • ✓
    Errors in Goods A/c. and Nominal A/c.
Answer
Correct option: D.
Errors in Goods A/c. and Nominal A/c.
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MCQ 21 Mark
When trial balance does not tally, it is tallied temporarily with the help of$………$account.
  • A
    Trading A/c. 
  • ✓
    Suspense A/c.
  • C
    Profit and loss A/c.  
  • D
    Balance sheet
Answer
Correct option: B.
Suspense A/c.
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MCQ 31 Mark
An error arises because of debiting or crediting a wrong account with correct amounton the correct side is known as$……….$
  • A
    Errors of compensatory
  • B
    Errors of omission
  • ✓
    Errors of principle
  • D
    Errors of recording to a wrong A/c
Answer
Correct option: C.
Errors of principle
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MCQ 41 Mark
An error arises because of non-compliance of accounting principles is known as$........$
  • A
    Errors of compensatory
  • B
    Errors of omission
  • ✓
    Errors of principles
  • D
    Not carry forward to suspense Alc.
Answer
Correct option: C.
Errors of principles
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MCQ 51 Mark
When a transaction is left unrecorded in primary books the errors is known as$.......$
  • A
    Errors of compensatory
  • ✓
    Errors of omission
  • C
    Errors of principle
  • D
    Not carry forward to suspense Ale.
Answer
Correct option: B.
Errors of omission
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MCQ 61 Mark
For which type of error, is journal entry required for rectification?
  • A
    One sided errors
  • ✓
    Two sided errors
  • C
    Overcasting errors
  • D
    Undercasting errors
Answer
Correct option: B.
Two sided errors
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MCQ 71 Mark
When is Suspense Account closed automatically?
  • A
    When some of the errors are rectified.
  • B
    When most of the errors are rectified.
  • ✓
    When all the errors are rectified.
  • D
    None of these
Answer
Correct option: C.
When all the errors are rectified.
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MCQ 81 Mark
Errors affecting the trial balance are $………….$
  • ✓
    one sided errors
  • B
    Two sided errors
  • C
    three sided errors
  • D
    More sided errors
Answer
Correct option: A.
one sided errors
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MCQ 91 Mark
Which types of errors do not affect the trial balance?
  • A
    error of posting
  • B
    error of principle
  • C
    error of omission
  • ✓
    Errors of principle
Answer
Correct option: D.
Errors of principle
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MCQ 101 Mark
If sales book is undercast, sales account should be $…………..$ to rectify the error.
  • A
    debited
  • ✓
    credited
  • C
    cancelled
  • D
    updated
Answer
Correct option: B.
credited
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MCQ 111 Mark
To which account, difference of trial balance is transferred temporarily?
  • A
    Cash A/c
  • B
    Capital A/c
  • C
    Drawings A/c
  • ✓
    Suspense A/c
Answer
Correct option: D.
Suspense A/c
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MCQ 121 Mark
Where is Suspense A/c shown?
  • A
    In Trading Account
  • ✓
    In Balance Sheet
  • C
    In Profit & Loss Account
  • D
    In Ledger
Answer
Correct option: B.
In Balance Sheet
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MCQ 131 Mark
Which type of balance Suspense A/c has?
  • A
    Debit
  • B
    Credit
  • ✓
    Debit or Credit
  • D
    None of these
Answer
Correct option: C.
Debit or Credit
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MCQ 141 Mark
How many types of errors, which affect trial balance, are there?
  • A
    three
  • ✓
    four
  • C
    five
  • D
    Six
Answer
Correct option: B.
four
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MCQ 151 Mark
How many types of errors, which do not affect the trial balance, are there?
  • A
    three
  • B
    four
  • ✓
    five
  • D
    six
Answer
Correct option: C.
five
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MCQ 171 Mark
In which book, rectification entries are recorded?
  • A
    Cashbook
  • B
    Journal
  • ✓
    Journal Proper
  • D
    Ledger
Answer
Correct option: C.
Journal Proper
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MCQ 181 Mark
If capital expenditure is recorded as revenue expenditure in the books of accounts by mistake, then this error Is known as $………..$
  • A
    error of omission
  • ✓
    error of principle
  • C
    compensatory error
  • D
    error of writing wrong entry
Answer
Correct option: B.
error of principle
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MCQ 191 Mark
An error detected and rectified after the final accounts are prepared will affect the profit- loss, if it affects $………$ and $…….$ types of accounts.
  • A
    Personal, Real
  • B
    Real, Nominal
  • ✓
    Goods, Nominal
  • D
    Personal, Nominal
Answer
Correct option: C.
Goods, Nominal
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MCQ 201 Mark
Which of the following errors, affect the trial balance?
  • A
    Errors of principle
  • ✓
    Errors regarding posting
  • C
    Errors of omission
  • D
    Compensatory errors
Answer
Correct option: B.
Errors regarding posting
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MCQ 211 Mark
Which type of errors may be committed, if trial balance gets tallied?
  • ✓
    Errors of principle
  • B
    Errors in totalling in subsidiary books
  • C
    Errors regarding posting
  • D
    Errors regarding balance of an account
Answer
Correct option: A.
Errors of principle
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MCQ 221 Mark
Which type of the account, the Suspense A/c is?
  • ✓
    Personal A/c
  • B
    Real A/c
  • C
    Nominal A/c
  • D
    None of these
Answer
Correct option: A.
Personal A/c
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MCQ 231 Mark
Furniture purchased for $Rs.25,000$ is wrongly recorded in the purchase book. Which type of error is this?
  • A
    Error of omission
  • B
    Error of principle
  • C
    Compensatory error
  • ✓
    Error committed while writing the primary books
Answer
Correct option: D.
Error committed while writing the primary books
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MCQ 241 Mark
Wages paid for installation of machinery Is debited to wages A/c. Which type of error is this?
  • A
    Error of omission
  • ✓
    Error of principle
  • C
    Compensatory error
  • D
    Error of commission
Answer
Correct option: B.
Error of principle
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MCQ .(1 Marks) - Account STD 11 Commerce Questions - Vidyadip