Lecturer Commerce Solved Past Paper MCQs Online Test No. 38

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Note:-

There will be 25 multiple choice question in the test.
Answer of the questions will change randomly each time you start this test.
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Test Instructions:-
Test Name	Lecturer Commerce
Subject	Commerce Test 38
Test Type	MCQs
Total Questions	25
Total Time	20 Minutes
Total Marks	100

You have 20 minutes to pass to the quiz.

Lecturer Commerce Online Test No. 38

1 / 25

Under or over casting of a subsidiary book is an example of error of:

Omission

Principle

Both omissions and principle

Commission

2 / 25

Goods sold for Rs.1,000 were entered in the sales book by Rs.2000, the rectification of the entry will:

Increase the net profit

Decrease the net profit

Have double effect on net profit

Have no effect on net profit

3 / 25

Impersonal accounts are affected by:

Errors of carry forward

Errors, of casting

Errors of omission

None of these

4 / 25

Error of principle affects:

One account only

Two accounts

Less than two

Have no effect on any account

5 / 25

Error of posting affects:

One account

Two account

Three account

Four account

6 / 25

Error of casting in bill receivable book affects:

Bill payable account

Debtor account

Bill receivable account

Creditors account

7 / 25

Error of omission from trial balance affects:

One account

Two account

Three account

Four account

8 / 25

If by error, any revenue omitted to be recorded it will:

Understate the profit

Overstate the profit

Both A & B

Having no effect on profit

9 / 25

Omission of a transaction from a subsidiary record affect:

One account

Two accounts

Three accounts

Several accounts

10 / 25

An asset was purchased for the business, however, the amount was debited to purchases account. It is an error of:

Recording

Posting

Costing

Principle

11 / 25

When all the errors are rectified and posted to suspense account, the suspense account shows:

Debit balance

Credit balance

Both sides are equal

None of these

12 / 25

Wages paid for the erection of a machine debited to Wages account is an example of:

Clerical error

Error of principle

Error of omission

None of these

13 / 25

If any expense account or revenue account is wrongly debited, the profit will decrease and when it is rectified:

The profit will become double

The profit will become half

The profit will increase

The profit will less

14 / 25

Over casting of purchases book is an example of error of:

Carry forward

Posting

Compensating

Casting

15 / 25

Only those errors affect the profit of the business which are related to:

Trading and profit and Loss Account

Balance sheet

Trading Account only

Profit and Loss Account only

16 / 25

Errors, which are made in the preparation of the trial balance are called:

Errors of omission

Errors of commission

Errors of principle

Trial balance errors

17 / 25

Sales of Rs.500 to Amjad were not recorded while rectifying this error, Amjad's account will be:

Credited by Rs.1000

Credited by Rs.500

Debited by Rs.500

Debited by Rs.1000

18 / 25

Goods purchased from Salman Rs.3000, were passed through sales book. The rectification of the error will:

Increase the gross profit

Decrease the gross profit

Have no effect on the gross profit

None of these

19 / 25

The error in the casting of sales book is called as:

Error of principle

Error of omission

Clerical error

None of these

20 / 25

Error of principle involves an incorrect allocation of expenditure or receipt between:

Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

21 / 25

Sales to Fahad, Rs.506, posted to his account as Rs.605 affect:

Sales account

Fahad account

Cash account

Debtors account

22 / 25

If there is any error in cash account, it will affect:

Trading Account

Profit and Loss Account

Balance sheet

None of these

23 / 25

Some expenses are incurred at the time of the sale of an asset. The amount will be debited to:

Assets account

Expenses account

Cash account

Purchases account

24 / 25

Sales of Rs.625 to Ali were posted to his account as Rs.562. To rectify the error, Ali's account will be:

Debited by Rs.118

Debited by Rs.63

Credited by Rs.65

None of these

25 / 25

Purchases from Kamran Rs.499, were not recorded. This will affect:

Only purchases account

Only Kamran account

Both the accounts

None of these

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