COPCOR Quiz

What is an error of compensation?

• An incorrect amount of money is recorded

• Two errors cancel each other out

• The transaction is not entered

• The credit and debit are swapped

Which error is found with a trial balance?

• Omission

• Principle

• Compensation

• None of the above

How do you fix an error of reversal (debited account)

• Credit the account

• Credit the account twice

• Credit the account three times

What is a mortgage

• Current asset

• Non-current asset

• Current liability

• Non-current liability

what is the error when a transaction is not recorded?

• Omission

• Commission

• Principle

• reversal

A cheque paid to a credit supplier has been omitted. How is this corrected

• Credit bank, Debit credit customer

• Credit bank, Debit credit supplier

• Credit credit customer, Debit bank

• Credit credit supplier, Debit bank

A payment of £1,637 for a new van has been posted to the purchases account. How would this error be corrected?

• Debit van £1,367, Credit purchases £1,637

• Debit purchases £1,637, Credit van £1,637

• Debit van £1,637, Credit purchases £1,637

• Debit van £1,637, Credit sales £1,637

COPCOR errors can be found with the trial balance

• True

• False

What is an error of original entry?

• When an error is entered in the right account but the wrong type of account

• When the wrong amount is entered in the account on both sides

• When the amounts have been entered on the wrong side

• When an amount has been completely omitted

A business placed an expense in a credit account. What type of COPCOR error is used?

• Principle

• Comission

• Omission

• Original entry