MCQ 11 MarkGoods destroyed by fire is credited to:✓Trading Account.BGoods lost by Fire Account.CSales Account.DNone of theseAnswerCorrect option: A. Trading Account.View full question & answer→
MCQ 21 MarkError not shown by Trial Balance are:AErrors of Principle.BCompensating Errors.CErrors of Complete Omission.✓All of the above.AnswerCorrect option: D. All of the above.View full question & answer→
MCQ 31 MarkPurchase of office furniture for $₹ 1,200$ was debited to the General Expenses Account. It is:AA clerical error.✓An error of principle.CAn error of omission.DNone of these.AnswerCorrect option: B. An error of principle.View full question & answer→
MCQ 41 MarkErrors of omission permit:ACorrect totalling of the Balance Sheet.BCorrect totalling of the Trial Balance.✓The Trial Balance to match.DNone of these.AnswerCorrect option: C. The Trial Balance to match.View full question & answer→
MCQ 51 MarkAn amount of $₹ 5,000$ received from Ram is credited to Shyam. It is an error of:AOmission.✓Commission.CCompensation.DPrinciple.AnswerCorrect option: B. Commission.View full question & answer→
MCQ 61 MarkGoods of $₹ 1,000$ taken by the proprietor for personal use should be credited to:ASales Account.BProprietor's Personal Expenses Account.✓Purchases Account.DNone of these.AnswerCorrect option: C. Purchases Account.View full question & answer→
MCQ 71 MarkSuspense Account will give the:ADebit balance.BCredit balance.✓Debit or credit balance, as the case may be.DNone of these.AnswerCorrect option: C. Debit or credit balance, as the case may be.View full question & answer→
MCQ 81 MarkTrial Balance is prepared to locate:AErrors of Principle.BErrors of omission.CCompensating Errors.✓None of these.AnswerCorrect option: D. None of these.View full question & answer→
MCQ 91 MarkThe accountant opens the following account when Trial Balance does not match:ACapital Account.✓Suspense Account.CDrawings Account.DProfit and Loss Account.AnswerCorrect option: B. Suspense Account.View full question & answer→
MCQ 101 Mark$₹ 2,000$ received from Smith whose account was previously written off as Bad Debt should be credited to:✓Bad Debts Recovered Account.BSmith's Account.CCash Account.DNone of these.AnswerCorrect option: A. Bad Debts Recovered Account.View full question & answer→
MCQ 111 MarkWhich of the following is not an error of principle?APurchase of machinery debited to Purchase Account.BSale of old furniture credited to Sales Account.CRepairs on the overhauling of existing Machinery debited to Machinery Account.✓Cash received from Mohan posted to Sohan.AnswerCorrect option: D. Cash received from Mohan posted to Sohan.View full question & answer→
MCQ 121 MarkOn purchase of old furniture, the amount of $₹ 1,000$ spent on its repairs should be debited to:ARepairs Account.✓Furniture Account.CCash Account.DNone of theseAnswerCorrect option: B. Furniture Account.View full question & answer→
MCQ 131 MarkGoods of $₹ 500$ given as charity should be credited to:ACharity Account.BSales Account.✓Purchases Account.DNone of these.AnswerCorrect option: C. Purchases Account.View full question & answer→
MCQ 141 Mark$₹ 2,000$ paid as wages for installing a machine should be debited to:AWages Account.✓Machinery Account.CCapital Account.DNone of these.AnswerCorrect option: B. Machinery Account.View full question & answer→
MCQ 151 MarkSale of office furniture is credited to:ASales Account.✓Office Furniture Account.CCash Account.DNone of these.AnswerCorrect option: B. Office Furniture Account.View full question & answer→