FOA Errors

FOA Errors

Professional Development

7 Qs

quiz-placeholder

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FOA Errors

FOA Errors

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

Danevia Powell

Used 3+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

There are errors that do not affect the trial balance and errors that do affect the trial balance.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are errors that do not affect the trial balance except:

Omission

Commission

Reversal of entries

Incorrect additions

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

All of the following are errors which affect the trial balance except:

Incorrect additions

Reversal of entries

Incomplete postings

Incorrect transfers

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This error involves the posting of a transaction to a wrong class of accounts. Eg. payment for motor repairs (expense) recorded in the motor vehicle account (asset)

Omission

Commission

Principle

Original Entry

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This error involves a transaction which may have been recorded in the wrong account in a particular class. Eg. payment form D. Stephens may have been posted to D. Stephenson

Omission

Commission

Principle

Reversal of Entries

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Identify the error from this scenario. Scenario: Cheque  for   $2000 received  from M. Waugh   was  credited  to  S. Waugh

Omission

Commission

Principle

Original Entry

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Identify the error from this scenario. Scenario: . Lodgment  of  $10,000  cash to  the  bank  was  posted  as  Dr  in cash  and  Cr in Bank

Reversal of Entry

Principle

Commission

Omission