An amount of Rs 5,000 received from Mohan was incorrectly credited to Sohan's account. This is an example of: MCQ with Answer and Explanation

Question

Share Report Error

An amount of Rs 5,000 received from Mohan was incorrectly credited to Sohan's account. This is an example of:

A. Error of Principle

B. Error of Omission

C. Compensating Error

D. Error of Commission

Answer: Option D

Solution (By JKSSB Mock Tests)

Posting to the correct side but the wrong personal account is a clerical mistake classified as an error of commission.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Ind AS (Indian Accounting Standards) are converged with:

A. IFRS (International Financial Reporting Standards)

B. US GAAP

C. UK GAAP

D. Chinese Accounting Standards

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Correct Answer: Option A

Explanation:
To align with global practices, India developed Ind AS which are substantially converged with IFRS.

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

Question #2

The petty cash book is balanced:

A. At the end of the month

B. When it is replenished

C. Daily

D. At the end of the year

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Correct Answer: Option B

Explanation:
Under imprest system, petty cash book is closed when cash is replenished, not periodically.

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

Question #3

Interest on partners' capital is:

A. An appropriation of profit

B. Not allowed

C. Always 6%

D. A charge against profit

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Correct Answer: Option A

Explanation:
Interest on capital, when deed provides, is an appropriation of profit, not a charge.

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

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