Question

4.A credit sales of RM44 from Simon was entered in Simpson account, is the example of...

4.A credit sales of RM44 from Simon was entered in Simpson account, is the example of

  • A. Error of commission
  • B. Error of principle
  • C.Original entry error
  • D. Spelling error

5.Suspense account is _______________

  • A. a permanent account
  • B. to facilitate the preparation of financial statement when the trial balance is balance
  • C. may exists due to more than one error only
  • D. account is to be held until sufficient information is available for them to prepare and correct the accounts

6.Which of the following is correct for error of omission part of entry?

  • A. The accountant has intention not to post the account
  • B. The accountant post debit/ credit side only
  • C. Is one type of error not affecting trial balance
  • D. No need to open suspense account.
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Answer #1

4) A. Error of commission :

This occurs when, for example, in the debtor's account an amount owed to M Woman is recorded as being owed to K Woman. The individual debtor accounts will be incorrect because one account will be overstated and the other will be understated

5)D.Suspense account ;- Account to be held until sufficient information is available for them to prepare and correct the accounts .

6)c. Is one type of error not affecting trial balance

Error of omission. This occurs when a transaction is completely omitted from the books of accounts. This error will not be detected by the trial balance because the trial balance does not know that the transaction exists as it is off the books.

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