Accounting Errors Quiz

Accounting Errors Quiz

15 Qs

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Accounting Errors Quiz

Accounting Errors Quiz

Assessment

Quiz

Other

Practice Problem

Easy

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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are accounting errors?

Errors that are always detected

Errors that do not affect financial statements

Mistakes and omissions made unknowingly

Mistakes made knowingly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are errors classified in accounting?

Into four types

Into two types

Into five types

Into three types

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are clerical errors?

Errors that are intentional

Errors resulting from wrong posting

Errors made in judgment

Errors that are always detected

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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