Which of these errors affect two or more accounts?
A. Errors of complete omission
B. Errors of principle
C. Errors of posting to wrong account
D. All the three
Category: Accounting Mcqs
Another name of journal is_____________??
A. Specialized journal
B. Day book
C. Cash book
D. Record book
The assets which come into existence upon the happening of a certain event are called__________??
A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
The process of recording is done??
A. Two times a year
B. once a year
C. Frequently during the accounting period
D. At the end of a accounting period
Obligation of the Business are known as___________??
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Closing entries are generally passed:?
A. At the time of opening new books of account
B. At the time of closing the accounts
C. During the course of accounting period any time
D. After certification of accounts
The normal balance of liability account is____________??
A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance
Which of these is not an essential feature of a bill of exchange??
A. Unconditional
B. Certainty of amount
C. In writing
D. Amount to be paid in foreign currency
The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by?
A. 17,000 (overstated.
B. 12,000 (understated.
C. 7,000 (overstated.
D. 7,000 (understated.
