N5 Accounting Types of Errors
Authored by Chantelle Scott
Other
12th Grade
Used 6+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
The Purchases figure includes £2,000 for the purchase of a new machine
Decrease £2,000
Increase £2,000
No Effect
Decrease of £1,000
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
The Purchases of £1,000 of inventory had been omitted from the ledger
Decrease £1,000
Increase £1,000
No Effect
Decrease of £500
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
Closing inventory was over-added by £500
Decrease £500
Increase £500
No Effect
Increase £1,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
An invoice for insurance of £350 had been omitted from the accounts
Decrease £350
Increase £350
No Effect
Increase £700
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
A cash withdrawal of £600 had been entered in the Bank Ledger account but not in the Drawings account
Decrease £600
Increase £600
No Effect
Increase £1,200
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
Rent charge of £120 had been entered in error as £210 in both accounts
Decrease £90
Increase £90
No Effect
Decrease £180
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect on the Profit for the Year of correcting the following error:-
The Cash and Cash Equivalents ledger had been under added by £200
Decrease £200
Increase £200
No Effect
Decrease £400
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