1.Accounting errors can be classified into ______ types:
One
Two
Three
Four
2.When the transaction is not recorded in the books of accounts, it is called:
Error of commission
Error of omission
Compensating error
3.Types of accounting errors are:
Error of commission
Error of omission
Compensating error
Error of principles
All of the above.
4.When transaction is entered partially or incorrectly, it is called:
Error of commission
Error of omission
Compensating error
5.Entering wrong amount in a subsidiary book is an error of:
Omission
Commission
Principles
6.Errors relating to wrong posting of amount in ledger is an error of:
Omission
Commission
Principles
7.Errors which compensate themselves in the net results is:
Error of commission
Error of omission
Compensating error
8.Over the basis of trial balance, errors may be classified into:
One
Two
Three
9.Purchase of printer for office is wrongly entered in the Purchases Day Book, this is error of:
Error of omission
Compensating error
Error of principles
10.Which accounting standard is relevant for correcting accounting errors:
IAS1
IAS6
IAS 8
IAS 7