WorksheetsAC C6 - Errors and Correction
Total questions: 20
Worksheet time: 10mins
A credit purchase of goods $1200 from Calvin trading was recorded in Clara trading account. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
A cheque payment of $500 for rent was not recorded. Name the error.
Error of commission
Error of omission
Error of principle
Compensating error
Both salaries expense and commission income were overstated by $900. State the correction of error.
Dr Capital Cr salaries exp
Dr salaries expense cr commission income
Dr commission income Cr salaries expense
When there is error with credit entry not equal to credit entry,
trial balance will not agree
trial balance will agree
supense account will be appeared
there is no suspense account
A suspense account is used to rectify?
Errors affecting trial balance agreement
Errors not affecting trial balance agreement
Both types of errors
None of these
A cash deposit made by business appears on the bank statement as _______ balance.
Debit
Credit
Expenses
Liabilities
If the final balance in the bank statement is $3900 Cr, unpresented cheques equal $500 and outstanding deposits total $900, the final balance in the business's bank account is:
$4300 Dr
$4300 Cr
$3500 Cr
$3500 Dr
What do we call a cheque that the bank refused to pay the payee because the drawer has insufficient funds in his current account?
Stale cheque
Dishonoured cheque
Sad cheque
Dubious cheque
Which of the following is already recorded in the Cash at Bank account but not in the Bank Statement?
Bank charges
Dishonoured cheque
Uncredited cheque
Direct deposit
what to be recorded for updating cash book? (more than 1 answer)
bank charge
bank interest
bank error
uncredited amount
standing order
Items in the cash book which do not appear on the bank statement are usually caused by _______________ differences.
amount
timing
description
The purchases account was added up too much by $ 100 and sales account also added up too much by $ 100. What kind of error is this?
A. Commission
B. Principle
C. Omission
D. Compensating
Goods sold on credit to Saani had been debited to Soni’s account. What kind of error is this?
A. Commission
B. Principle
C. Omission
D. Transposition.
Sale of machinery had been recorded in the sales account. What would be the entry to correct this error?
A. Debit sales account and credit machinery account
B. Debit machinery account and credit sales account
C. Debit cash account and credit machinery account
D. Debit machinery account and credit cash account
Wages paid for the installation of new machinery debited to wages account. What kind of error is this?
A. Omission
B. Commission
C. Principle
D. Compensating
Both salaries expense and commission income were overstated by $900. State the correction of error.
Dr Capital Cr salaries exp
Dr salaries expense cr commission income
Dr commission income Cr salaries expense
A bank reconciliation statement is
Part of the cash book
Part of Bank account
Part of financial statement
None of the above
Discrepancies between the Cash at Bank balance and the Bank Statement balance are due to:
(you may select more than 1 correct option)
Errors by the bank
Errors by the accountant
Errors by the supplier
Timing differences in the recording of the transactions
A bank statement balance and a cash book balance do not agree.
Which items arise from timing differences?
1 bank charges
2 bank errors
3 uncredited deposits
4 unpresented cheques
1 and 2 only
1, 2, 3 and 4
2, 3 and 4 only
3 and 4 only
