Correction of Errors
Flashcard
•
Other
•
9th - 10th Grade
•
Practice Problem
•
Hard
Uma Balaji
FREE Resource
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17 questions
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1.
FLASHCARD QUESTION
Front
$200 rental payment was not recorded in the books. What is type of this error?
Back
Error of omission
2.
FLASHCARD QUESTION
Front
A credit purchase of goods $1200 from Calvin trading was recorded in Clara trading account. Name the error.
Back
Error of commission
3.
FLASHCARD QUESTION
Front
A cheque payment of $500 for rent was not recorded. Name the error.
Back
Error of omission
4.
FLASHCARD QUESTION
Front
Both salaries expense and commission income were overstated by $900. State the correction of error.
Back
Dr commission income Cr salaries expense
5.
FLASHCARD QUESTION
Front
What is the impact on profit for the year if income overstated?
Back
profit will be overstated
6.
FLASHCARD QUESTION
Front
Cheque of $300 was issued to settle Mr Chan's account was recorded in Mr Chen's account.
Back
Error of commission
7.
FLASHCARD QUESTION
Front
What type of error is made when a purchase of a motor van costing $1000 is recorded in the motor expenses account?
Back
Error of principle
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