Accounting Mcqs

Q.  Which of the following statements is /are true?

a. Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
b. Undercasting or overcastting of a subsidiary book is an example or error of commission
c. Errors of principle do not affect the agreement of Trial Balance
d. Both B. and C. above


ANSWER: See Answer
 
Entering wrong amount in the subsidiary book does not affect the agreement of the Trial
Balance as the same amount is posted in both the accounts affected. Undercasting or
overcastting of a subsidiary book is an error of commission. Errors of principle do not affect the
agreement of the Trial Balance. Hence both B. and (c ) options are true.
TasDia Network - Mcqs | Signature | Lyrics
MCQs:  Which of the following enhances the earning capacity of an asset?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following items should not be capitalized relating to fixed assets?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of these errors affect only one account?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of these errors affect two or more accounts
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following error is an error of principle
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is an one sided error?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Cash book records?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  In a three column cash book_______________does not exist?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of these transactions will not be recorded in cash book?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  The closing balance of a petty cash book is a / an___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which column of a cash book will not have credit balance___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Petty cash balance is a/an___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of these is a Part of cash in hand?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is a Real A/c?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is a representative Personal A/c?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is a Nominal A/c ?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Goodwill A/c is a/an__________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Posting is the process of____________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  A book wherein various accounts are opened is called____________?
Category: MBA Questions,   Published by: T-Code Scripts