591. A sale of Rs. 50,000 to A was entered as a sale to B. This is an example of____________?
A: Error of omission
B: Error of commission
C: Compensating error
D: Error of principle
592. Goods sent on approval basis have been recorded as Credit sales. This is an example of____________?
A: Error of principle
B: Error of commission
C: Error of omission
D: Error of duplication
593. The unsold goods are __?
A: Equity
B: Sale return
C: Inventory
D: Purchases
594. Institute of Chartered Accountants of Pakistan was established in____________?
A: 1949
B: 1956
C: 1961
D: 1972
595. The systems of accounting are _?
A: Two
B: Three
C: Five
D: Six
596. Trial balance is prepared to check the accuracy of_______________?
A: Ledger accounts balances
B: Balance sheet balances
C: Income statement balances
D: Cash flow statement balances
597. If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
A: Yes
B: No
C: Transactions can’t be omitted
D: None of these
598. __ is the common base for preparing a trial balance?
A: Ledger accounts
B: General Journal
C: Specialized journals
D: Balance sheet
599. Cost-plus contract is usually entered into in those cases where :
A. Cost can be easily estimated
B. It is not possible to compute the cost in advance with a reasonable degree of accuracy
C. Contractor wants to earn a higher amount of profit
D. None of them
600. Contract price is not fixed in the case of :
A. Cost-plus contracts
B. De-Escalation clause
C. Escalation clause
D. All of the above
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