26-Which of the following error will be called as an Error of Principle? a. A transaction is written partially in the books of accounts b. A Transaction is not recorded completely in the books of accounts c. A transaction is posted wrongly in the books of accounts d. A transaction is written without knowing the fundamental knowledge of accounting

26-Which of the following error will be called as an Error of Principle? a. A transaction is written partially in the books of accounts b. A Transaction is not recorded completely in the books of accounts c. A transaction is posted wrongly in the books of accounts d. A transaction is written without knowing the fundamental knowledge of accounting

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 30RQSC

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38-Which of the following error will be called as an Error of Commission? a. A transaction is posted wrongly in the books of accounts b. A Transaction is not recorded completely in the books of accounts c. A transaction is written partially in the books of accounts d. A transaction is written without knowing the fundamental knowledge of accounting
Which of the following error will be called as an Error of Principle? a. A transaction is written without knowing the fundamental knowledge of accounting b. A transaction is written partially in the books of accounts c. A transaction is posted wrongly in the books of accounts d. A Transaction is not recorded completely in the books of accounts
Which of the following error will be called as an Error of Commission? a. A transaction is written partially in the books of accounts b. A transaction is written without knowing the fundamental knowledge of accounting c. A transaction is posted wrongly in the books of accounts d. A Transaction is not recorded completely in the books of accounts
21.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal? a. A debit was entered in an account as a credit. b. The balance of an account was incorrectly computed. c. The account balance was carried to the wrong column of the trial balance. d. A debit entry was recorded in the wrong account.
21 If the total debit balance equals the total credit balance on the trial balance, the accounting records may still contain errors. True or False
A transaction is not recorded by the accountant either wholly or partially in the books of accounts will be called as : a. Error of omission b. Error of commission c. Error of compensation d. Error of transposition
Which of the following statements about a journal is false? (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared. (d) It discloses in one place the complete effect of a transaction.
7. Which of the following statements is incorrect concerning the worksheet? a) The worksheet is essentially a working tool of the accountant. b) The worksheet is distributed to management and other interested parties. c) The worksheet cannot be used as a basis for posting to ledger accounts. d) Financial statements can be prepared directly from the worksheet before journalizing and posting the adjusting entries.
Which of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırak
43 From the options given below identify which one of the statements shows the meaning of the term Evaluation. a. None of the options b. It denotes to trustworthiness and satisfaction of information c. It is a procedure of verification of accounting transactions d. Proper communication of information by considering the judgment
Bookkeeping is not the recording function in the accounting process Question 8 options: True False
26-refers to the unbiased accounting information which is developed by the organization for the decision makers. O a. Reliability O b. Objectivity O c. Materiality O d. None of the options