Error of Principle in Accountancy
Learn about the common errors of principle in accountancy, including complete omission of transactions, failure to distinguish between capital and revenue items, and wrong postings or castings. Discover how these errors can impact financial records and the importance of accurate accounting practices.
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+ 1Accountancy One Word Test M. MuthuSelvam, Madurai. Cell No: 9842104826 1
Prepared by . M.MuthuSelvam M.Sc.,M.Com.M.Ed.,M.Phil. PG Asst. in Commerce MLWA HSS (Run by Jain Educational & Empowerment Trust) Madurai 625 001 Cell No: 98421 04826 M. MuthuSelvam, Madurai. Cell No: 9842104826 2
Error of principle arises when Error of principle arises when There is complete omission of a transaction Distinction is not made between capital and revenue items Distinction is not made between capital and revenue items There is complete omission of a transaction There is partial omission of a transaction There are wrong postings and wrong castings There are wrong postings and wrong castings There is partial omission of a transaction M. MuthuSelvam, Madurai. Cell No: 9842104826 3
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 4
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 5
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 6
Errors not affecting the agreement of trial balance are Errors not affecting the agreement of trial balance are Errors of principle Errors of partial omission Errors of partial omission Errors of principle Errors of undercasting Errors of overcasting Errors of undercasting Errors of overcasting M. MuthuSelvam, Madurai. Cell No: 9842104826 7
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 8
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 9
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 10
The difference in trial balance is taken to The difference in trial balance is taken to The suspense account The capital account The suspense account The capital account The profit and loss account The trading account The profit and loss account The trading account M. MuthuSelvam, Madurai. Cell No: 9842104826 11
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 12
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 13
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 14
A transaction not recorded at all is known as an error of A transaction not recorded at all is known as an error of Partial omission Complete omission Principle Complete omission Partial omission Principle Duplication Duplication M. MuthuSelvam, Madurai. Cell No: 9842104826 15
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 16
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 17
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 18
Wages paid for installation of machinery wrongly debited to wages account is an error of Wages paid for installation of machinery wrongly debited to wages account is an error of Complete omission Partial omission Complete omission Partial omission Principle Duplication Duplication Principle M. MuthuSelvam, Madurai. Cell No: 9842104826 19
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 20
Which of the following errors will not affect the trial balance? Which of the following errors will not affect the trial balance? Carried forward wrong amount in a ledger account Wrong totalling of an account Carried forward wrong amount in a ledger account Wrong totalling of an account Posting an amount in the wrong account but on the correct side Wrong balancing of an account Posting an amount in the wrong account but on the correct side Wrong balancing of an account M. MuthuSelvam, Madurai. Cell No: 9842104826 23
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 24
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 25
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 26
Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited? Goods returned by Senguttuvan were taken into stock, but no entry was passed in the books. While rectifying this error, which of the following accounts should be debited? Senguttuvan account Returns outward account Senguttuvan account Returns outward account Purchases returns account Sales returns account Purchases returns account Sales returns account M. MuthuSelvam, Madurai. Cell No: 9842104826 27
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 28
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 29
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 30
A credit purchase of furniture from Athiyaman was debited to purchases account. Which of the following accounts should be debited while rectifying this error? A credit purchase of furniture from Athiyaman was debited to purchases account. Which of the following accounts should be debited while rectifying this error? Purchases account Athiyaman account Purchases account Athiyaman account Furniture account None of these None of these Furniture account M. MuthuSelvam, Madurai. Cell No: 9842104826 31
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 32
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 33
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 34
The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry? The total of purchases book was overcast. Which of the following accounts should be debited in the rectifying journal entry? Suspense account Creditor account Purchases account Suspense account Purchases account Creditor account None of the above None of the above M. MuthuSelvam, Madurai. Cell No: 9842104826 35
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 36
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 37
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 38
Which of the following errors will be rectified using suspense account? Which of the following errors will be rectified using suspense account? Goods returned by Akila ` 900 was recorded in the sales returns book as ` 90 Goods returned by Narendran was not recorded in the books Goods returned by Narendran was not recorded in the books Goods returned by Akila ` 900 was recorded in the sales returns book as ` 90 Purchases returns book was undercast by ` 100 A credit sale of goods to Ravivarman was not entered in the sales book. A credit sale of goods to Ravivarman was not entered in the sales book. Purchases returns book was undercast by ` 100 M. MuthuSelvam, Madurai. Cell No: 9842104826 39
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 40
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 41
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 42
Under straight line method, the amount of depreciation is Under straight line method, the amount of depreciation is Decreasing every year Increasing every year Increasing every year Decreasing every year Constant for all the years Fluctuating every year Fluctuating every year Constant for all the years M. MuthuSelvam, Madurai. Cell No: 9842104826 43
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 44
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 45
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 46
If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is If the total charge of depreciation and maintenance cost are considered, the method that provides a uniform charge is Diminishing balance method Straight line method Diminishing balance method Straight line method Annuity method Insurance policy method Insurance policy method Annuity method M. MuthuSelvam, Madurai. Cell No: 9842104826 47
WRONG CLICK WRONG CLICK M. MuthuSelvam, Madurai. Cell No: 9842104826 48
Good Try Next One Good Try Next One M. MuthuSelvam, Madurai. Cell No: 9842104826 49
Wrong Try Again Wrong Try Again M. MuthuSelvam, Madurai. Cell No: 9842104826 50
