Casting Errors

Q.

Is suspense account debit or credit?

Q.

Purchase return account is undercasted by Rs 600. In this case which balance of the Trial Balance will show an excess balance?

1. None of the above

2. It will tally

3. Credit Balance

4. Debit Balance

Q.

Errors of posting on wrong side are rectified by writing ___ Amount on the correct side.

1. Half amount

2. Same amount

3. Double amount

4. Triple amount

Q. is a totalling error where the total shown in trial balance is lower than the actual total.

1. Overcast
2. Undercast
3. Casting

Q.

State whether the following statements are True or False.

1) Prepaid insurance is nominal account.
2) Personal transactions of proprietor are recorded in the books of account of business.
3) Every debit has equal and corresponding credit.
4) Loan account is personal account.
5) Drawing account is a real account.
6) Commission received is a nominal account.
7) Outstanding wages is a nominal account.
8) Bank of India is an example of real account.
9) An order placed for the goods, entry is passed/recorded in the book of account.
10 Every transaction has only on effect

Q. is a totalling error due to which the total shown is more than the actual total.

1. Overcast
2. Undercast
3. Casting

Q.

________ is a totaling error due to which the total shown is more than the actual total.

1. Undercast

2. Totaling error

3. Overcast

4. None of the above

Q.

___ is a totaling error and total shown is less than the actual total.

1. Overcast

2. Undercast

3. None of the above

4. Totaling error