Grade 9 : Correction of Errors

Grade 9 : Correction of Errors

9th Grade

10 Qs

quiz-placeholder

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Grade 9 : Correction of Errors

Grade 9 : Correction of Errors

Assessment

Quiz

Business

9th Grade

Practice Problem

Hard

Created by

Accounting Sanjaya

Used 8+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

01) Saddique’s trial balance failed to balance. The debit column totalled $12 250 and the credit column totalled $12 200.The following errors were discovered. No entry had been made for cash sales, $150. The total of the discount received account, $50, had been omitted from the trial balance. What were the totals of the trial balance after the errors had been corrected?

A $12 250

B $12 300

C $12 350

D $12 400

A

B

C

D

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2) $68 paid by credit transfer for insurance was entered in the accounting records as $86.

Which double entry will correct this error?

account debited               $ account credited         $

A Bank                               18 insurance                  18

B bank                                68 Insurance                  68

C insurance                         18 bank                           18

D insurance                      68 bank                           68

A

B

C

D

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

03) Maria’s draft income statement for the year ended 31 March 2022 showed a profit for the year of $38 750.On 31 December 2021, Maria received a 5% bank loan of $4800 which was incorrectly treated as a revenue receipt. In error, a whole year’s interest on the bank loan was included in the draft income statement for

the year ended 31 March 2022.What was the correct profit for the year ended 31 March 2022?

A $33 770

B $34 130

C $43 370

D $43 730

A

B

C

D

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

04) After the financial statements for the year ended 30 April 2022 had been prepared, a trader discovered that the closing inventory had been over-valued. What will be the effect of this error?

profit for the year ended 30 April 2022 capital on 30 April 2022 profit for the year ending 30 April 2023

A overstated overstated understated

B overstated understated no effect

C understated no effect no effect

D understated understated overstated

A

B

C

D

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

05) The total of the debit column of a trial balance was more than the total of the credit column. One account balance had been entered in the wrong column. Which one was it?

A cash

B discount received

C drawings

D irrecoverable debts

A

B

C

D

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

6) Davi prepared the following journal entry to correct an error.

debit $ credit $

Samir 40

Samuel 40

Which error was being corrected?

A Cash paid to Samir had been credited to Samuel.

B Cash received from Samuel had been debited to Samir.

C Goods bought from Samir had been credited to Samuel.

D Goods sold to Samir had been debited to Samuel.

A

B

C

D

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

07) A suspense account was opened with a credit balance of $840. Which error caused this?

A A cheque for $420 received from a customer was debited to his account.

B Discounts allowed, $420, was debited twice in the discounts allowed account.

C Goods costing $420, taken by the owner of the business for own use, were credited to his drawings account.

D Rent received, $420, was credited twice in the rent receivable account.

A

B

C

D

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