Errors In Accounting - SS1 Accounting Past Questions and Answers - page 1
1
Which of the following is an error of commission in accounting?
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A
Recording an expense as an asset
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B
Not recording a transaction in the accounting records
C
Recording an incorrect amount for a transaction
D
Recording a transaction twice
2
Which of the following is an error of principle in accounting?
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A
Not recording a transaction in the accounting records
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B
Recording an expense as an asset
C
Recording an incorrect amount for a transaction
D
Recording a transaction twice
3
What is the purpose of detecting and correcting accounting errors?
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A
To ensure accurate financial statements
B
To increase profits
C
To reduce expenses
D
To improve employee morale
4
Which of the following is an error of timing in accounting?
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A
Recording an expense as an asset
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B
Not recording a transaction in the accounting records
C
Recording an incorrect amount for a transaction
D
Recording a transaction in the wrong accounting period
5
Which type of error in accounting occurs when two or more errors cancel each other out?
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A
Errors of reversal
B
Compensating errors
C
Errors in the original entry
D
Errors of omission
6
What is an example of an error of omission in accounting?
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7
Why is it important to detect and correct accounting errors as soon as possible?
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