Error of Omission

Q.

Wherein the full transaction is omitted from the books of accounts, it is known as:

1. Errors of commission

2. Errors of Omission

3. Errors of Principle

4. None of the above

Q.

What are the different types of errors that are usually committed in recording business transactions?

Q.

Credit Sales to A of Rs.600 not recorded in the books would effect:

1. Sales Account

2. A`s Account

3. Cash Account

4. Sales Account & A`s Account

Q. When the full transaction is omitted from the books of account, it is knows as errors of .

1. commission
2. omission
3. principle
4. compensation

Q.

A purchase of Rs 25, 000 & a sale of Rs 50, 000 has been omitted to be recorded in the books of accounts. What shall be the effect of these two transactions on the net profit of the organisation.

1. Profit shall increase by Rs 25, 000

2. Profit shall decrease by Rs 25, 000

3. Profit shall increase by Rs 50, 000

4. Profit shall decrease by Rs 50, 000

Q.

Which of the following errors is an error of omission?

1. Wages paid to Mohan have been debited to his account

2. Sale to Mr. Y was not recorded in books

3. Repairs to machine have been debited to buildings account

4. Sale of Rs 100 was recorded in the Purchases Account

Q.

Unintentional omission or commission of amounts and accounts in the process of recording transactions are known as:

1. Misinterpretation

2. None

3. Errors

4. Frauds

Q.

Which of the following is not true of contingent liabilities?

1. The result from a past transaction or promise

2. lawsuits and loan guarantees are an example

3. They occur in the present

4. They result in some other event that takes place

Q.

While playing cards, Manjeet lost $₨2$ in the first game, $₨10$ in the second game and $₨8$ in the third game and he won $₨14$ in the fourth game. What was his net gain or loss?

Q.

Answer in one sentence only :-

What do you mean by two sided errors?

Q.

What is the difference between an error of commission and an error of omission?

Q. Select the most appropriate alternatives from those given below and rewrite the sentence.

Errors occurred due to wrong posting are called errors of ________.
a) compensating
b) omission
c) principle
d) commission

Q. Choose the correct answers from the following alternatives given
Which of the following acts does not fall under the categories of fraud?

1. International false statement of facts
2. Active concealment of facts
3. Innocent false statement
4. Promise made without intention to perform

Q. Select the most appropriate alternatives from those given below and rewrite the sentence.

A transaction not recorded at all is called as an error of ________.
a) principle
b) complete omission
c) partial omission
d) duplication

Q. Q.13. Calculate Net Sales and Gross Profit if Cost of Goods Sold is Rs. 1, 00, 000 and Gross Profit is 20% on Sales.

Q. Errors which affect one side of an account are called _________.

1. Single Sided Errors
2. Double Sided Errors
3. Triple Sided Errors
4. Compensation Errors