Accounting Errors Quiz

What are accounting errors?

• Errors that are always detected

• Errors that do not affect financial statements

• Mistakes and omissions made unknowingly

• Mistakes made knowingly

How are errors classified in accounting?

• Into four types

• Into two types

• Into five types

• Into three types

What is an error of principle?

• A mistake made intentionally

• An error that affects the trial balance

• A clerical mistake in posting

• A mistake in recording a transaction violating an accounting principle

What happens to the trial balance when there is an error of principle?

• It shows a loss

• It shows a profit

• It remains balanced

• It is affected

Which of the following is an example of an error of principle?

• Recording a sale in the wrong account

• Debiting machinery in the purchases account

• Omitting a transaction completely

• Posting an incorrect amount

What are clerical errors?

• Errors that are intentional

• Errors resulting from wrong posting

• Errors made in judgment

• Errors that are always detected

What is a complete omission?

• Recording a transaction in the wrong account

• Recording a transaction with the wrong amount

• Failing to record a transaction entirely

• Recording a transaction partially

What is a partial omission?

• Recording a transaction in the wrong account

• Recording only part of a transaction

• Failing to record a transaction entirely

• Recording a transaction completely

What are errors of commission?

• Errors of omission

• Errors made by recording transactions incorrectly

• Errors made intentionally

• Errors that do not affect the trial balance

Which of the following is NOT an example of an error of commission?

• Mistake in transferring the balance to the Trial Balance

• Mistake in balancing an account

• Omitting to record a transaction

• Recording a wrong amount