Accounting Errors & Control Systems

 Goods sold to M. Daley on credit $700 is entered in N. Daley’s account.

• 1. Error of Principle

• Error of Commission

• Error of Original Entry

• Complete Reversal Error

If a payment of $300 is recorded as $30, what kind of error is it?

• Error of Principle

• Error of Commission

• Error of Original Entry

• Complete Reversal Error

 The sales account is overstated by $ 500 while $ the Capital account is undercast by 500. What kind of accounting error is this?

• Error of Omission

• Complete Reversal Error

• Compensating Error

• Error of Original Entry

 Goods purchased from T. Carlton for 875 were entered in the purchases journal as 857, what kind of error is this?

• Error of Original Entry

• 1. Error of Omission

• 1. Error of Commission

• Error of Principle

1. Motor expense of 600 was entered in the motor van account-. The name of this error is?

• Error of Suspension

• Error of Commission

• Complete Reversal

• 1. Error of Principle

Which of the following Journal should be used when correcting an accounting error?

• Sales Journal

• General Journal

• Purchases Journal

• Cash Journal

The name of the statement used to reconcile the Cash Book and the Bank Statement is known as:

• Statement of Trial Balance

• Reconciliation Statement

• Statement of Cash flow

• Statement of Equity

In the Cashbook the cheques received from debtors and are found on the debit side is known as:

• Late Lodgments

• Unpresented Cheques

• Standing Orders

• Bank Charges

In the Cashbook the cheques paid to creditors are found on the credit side is known as:

• Late Lodgment

• Unpresented Cheques

• Credit Transfer

• Debit Transfer

Another name for Control Accounts are known as:

• Balancing Accounts

• Total Accounts

• Suspense Accounts

• Nominal Accounts