Which of the following errors will affect the Trial Balance? MCQ with Answer and Explanation

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Which of the following errors will affect the Trial Balance?

A. One-sided error

B. Error of principle

C. Error of commission

D. Error of omission

Answer: Option A

Solution (By JKSSB Mock Tests)

A one-sided error (e.g., posting to only one account) causes disagreement in trial balance. Other errors may not affect the trial balance agreement.

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

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Question #1

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S1: Under GST, the 'E-way bill' is required for the movement of goods where the consignment value exceeds ₹50,000. S2: The E-way bill is generated on the common portal by the registered person before the commencement of the movement of goods. Which statement(s) is/are correct?

A. Both S1 and S2

B. S1 only

C. S2 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
Both statements are correct. Rule 138 of the CGST Rules mandates an e-way bill for goods valued over ₹50,000, and it must be generated by the supplier/recipient before the goods are moved.

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

Question #2

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The primary objective of Financial Management is:

A. Maximizing market share

B. Profit maximization

C. Wealth maximization of shareholders

D. Minimizing taxes

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Correct Answer: Option C

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.

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