
Errors & Suspense account
Quiz
•
Business
•
11th - 12th Grade
•
Practice Problem
•
Medium
Heather Iphill
Used 22+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the trial balance totals do not agree, the difference is entered in:
the balance account
the suspense account
the errors account
the profit and loss
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A rental payment of $200 was not recorded in the books. Which type of error is this?
Error of omission
Error of commission
Error of original entry
Compensating error
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit purchase of goods $1200 from Calvin trading was recorded in Clara trading account. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A cheque payment of $500 for rent was not recorded. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Both salaries expense and commission income were overstated by $900. State the correction of error.
Dr Capital Cr salaries exp
Dr salaries expense cr commission income
Dr commission income Cr salaries expense
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact on profit for the year if income overstated?
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Cheque of $300 was issued to settle Mr Chan's account was recorded in Mr Chen's account.
Error of omission
Error of commission
Error of original entry
Compensating error
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