Errors cancelled by themselves are called

Related MCQs

• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• When own debentures are cancelled, any profit on cancellation is transferred to ……..
• Journal entries passed to correct the errors are called
• Which of the following errors is an error of principle?
• Which of the following errors is an error of omission?
• The beginnings inventory of the current year is overstated by ` 5,000 and closing inventory is overstated by ` 12,000. These errors will cause the net income for the current year by
• Which of the following errors affects the agreement of a Trial Balance?
• Which of these errors affect only one account
• Which of these errors affect two or more accounts
• On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified. i. Depreciation for 2011-2012- ` 7,000 understated ii. Accrued expenses as at March 31, 2013 - ` 10,000 understated The impact of this on the reported net income for the year ending March 31, 2013 is