Rectification of Error MCQ

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