A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of: MCQ with Answer and Explanation

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A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of:

A. Compensation

B. Principle

C. Commission

D. Omission

Answer: Option C

Solution (By JKSSB Mock Tests)

Error of commission occurs when a transaction is incorrectly recorded, e.g., wrong amount, wrong posting.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The balance of 'Petty Cash Book' is:

A. A liability

B. An asset

C. An expense

D. Income

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Correct Answer: Option B

Explanation:
Petty cash balance is cash in hand, an asset.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The 'Accounting Policy Changes' are applied:

A. Arbitrarily

B. Prospectively

C. Retrospectively, unless impracticable

D. Only with government approval

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Correct Answer: Option C

Explanation:
Ind AS 8 requires retrospective application of changes in accounting policies.

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Question #3

The 'Trial Balance' is a:

A. Subsidiary book

B. Statement

C. Principal book

D. Memorandum book

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Correct Answer: Option B

Explanation:
It is a statement, not a book of accounts.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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