1001. A credit sale was wrongly passed through the purchase book, the rectification of the entry will :
A. Increase the net profit
B. Decrease the net profit
C. Have a double effect on net profit
D. Have no effect on net profit
1002. Goods sold for 1000 $ were entered in the sales book by 2000 $ the rectification of the entry will :
A. Increase the net profit
B. Decrease the net profit
C. Have double effect on net profit
D. Have no effect on net profit
1003. The money we paid to Mr. I was deducted from M’s account. The entry will be corrected to:
A. Increase – the net profit
B. Decrease – the net profit
C. Have a double effect on net profit
D. Have no impact on the company’s net profit
1004. Error of principle affects :
A. One account only
B. Two accounts
C. Less than two
D. Have no effect on any account
1005. Error of omission from trial balance affects :
A. One account
B. Two accounts
C. Three accounts
D. Four accounts
1006. Errors, which are made in the preparation of the trial balance are called :
A. Errors of omission
B. Errors of commission
C. Errors of principle
D. Trial balance errors
Admin