Business receives cash RO 180 from Ms. Asma was wrongly entered RO100 in both the accounts. This type of error is a. Errors of Commission b. Errors of transposition c. Reversal error d. Errors of Principle
Q: Which of the following is always recorded in the general journal? a. services rendered for cash b.…
A: General journal means a book of prime entry where entry is recorded at first point in chronological…
Q: Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales…
A: Posting a credit to sales instead of accounts payable may be an incorrect entry but it will have the…
Q: Business paid RO 280 rent expense was wrongly entered RO 200 in both the accounts. This type of…
A: The error of transposition is an error where the transaction value is recorded with the wrong value…
Q: Which of the following statements, if any, is false? O Under the cash receipts method, income is not…
A: Tax is a compulsory payment to the tax authorities of a government on the account of income…
Q: Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly…
A: When some errors has been occurred in books of accounts , then it should be rectified by passing…
Q: Name the error which was made under the following circumstances: Business bought goods on credit…
A: Given facts :- Goods purchased on credit from Mr. Shikongo. Account credited by bookkeeper = Mr.…
Q: Which one of the following errors is most likely to be revealed by the preparation of a trial…
A: Trial balance is a statement of all accounts of the business shown in two different sides called…
Q: Cash, inventory and accounts receivable are examples of Select one: a. Agents b. All answers are…
A: The accounts in the balance sheet are differentiate as assets and liabilities.
Q: Which of the following is not an error of commission:(a) Overcasting of sales book.(b) Credit sales…
A: The correct option is (d) that is, cash sales not recorded in the cash book as it is related to the…
Q: Cougar Company credited cash for a prepayment. They did this because: a. Cash payment (or an…
A: A prepaid expense seems to be a sort of asset on the balance sheet that emerges from a company…
Q: The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: A credit is used to decrease which of the following accounts (more than one may be correct)?…
A: As per rules of debit and credit, All assets, expenses, withdrawals and dividend accounts will…
Q: Which of the following error will be called as an Error of Principle? a. A transaction is written…
A: The error of principle states that it is a error when entries are posted correct for amount but in…
Q: An error was made in posting of cash sales for $2 000. The both accounts were understated by the…
A: The question is based on the concept of Accounting Theory. In order to conclude for the above…
Q: 3. The following errors were made: a. GH¢87 cash paid for stationery was entered in the Stationery…
A: Rectification entry refers to an entry that is recorded to correct the error committed in the books…
Q: Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable.…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: 4. Complete the following chart to show the effect of errors on a trial balance Trial balance will…
A: The trial balance is prepared to record the final balance from the ledger accounts as debit and…
Q: 1. The revenue recognition concept a. Determines when revenue is credited to a revenue account. b.…
A: Accounting principle: These are the guidelines which are to be applied while preparing the…
Q: A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable…
A: Normally all assets and expense accounts in the business have debit balances. All liabilities,…
Q: Granting the credit is one business function of the sales returns and allowance class of…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: While in the process of posting from the journal to the ledger a company failed to post a $500…
A: Accounts Receivable is a Current Asset which means it always have Debit Balance. The most important…
Q: Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable.…
A: If there is any cash collection on account, then cash will be increased hence should be debited. And…
Q: 32-After preparing the trial balance, the accountant finds that the total of debit side is OMR…
A: It is the list of all the ledger posting accounts prepared by the accountant. Each account will be…
Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts…
A: There are various errors that an accountant can commit while recording or posting financial…
Q: overage in the closing cash balance
A: Cash overage and shortage generally occur in retail industry. These are small amounts of differences…
Q: Name the error which was made under the following circumstances: during the accounting period the…
A: There are various errors in the journal book or T-accounts which may or may not effect the total of…
Q: he trial balance of Kelvin does not balance. Which TWO of the following errors could explain…
A: Trial Balance:- It is a part of a Financial Statement, it is a statement that carries a closing…
Q: 7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To…
A: Double entry book keeping is a system in accounting which says that in recording every transaction…
Q: Payment made to supplier by cheque was entered on the wrong side in the cash book. This cheque has…
A: Solution- Cheque issued but not presented for payment is a cheque which has been written and sent…
Q: 29-Business paid RO 280 rent expense was wrongly entered RO 200 in both the accounts. This type of…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.…
Q: When converting from cash basis to accrual basis accounting, which of the following adjustments…
A: Cash receipts from customers under cash basis of accounting includes receipts collected from…
Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…
A: All errors have to be rectified before the finalization of accounts. If errors are not located,…
Q: Q#3) Auditor has discovered the following errors. Cash of $1000 received at the time the service…
A: Journal Entries If cash is received at the time of provision of Service, the following journal entry…
Q: Business paid RO 2000 rent expense was wrongly entered RO 20 in both the accounts. This type of…
A: The error rectification is required whenever there seems some errors on Trial balance.
Q: Goods returned by Mr. Mohammed worth RO 1,500 were not entered in both the accounts. This type of…
A: "A compensating error or Two sided error is a type of accounting error that offsets another…
Q: At Crane Company, the following errors were discovered after the transactions had been journalized…
A: A correcting entry is a journal entry that is recorded in order to fix an error in recording…
Q: The entry to replenish the petty cash fund debited Insurance Expense for postage. This would cause:…
A: A small amount or discretionary fund that has been kept aside for the purpose of meeting up the…
Q: oods returned by Mr. Mohammed worth RO 1,500 were not entered in both the accounts. This type of…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: When a company has performed services for a client but has not yet received payment, it: makes no…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Which is an error of omission? a. No entries have been made for the purchase of stationery by…
A: Error of omission simply means the act of omitting an entry, It arises when the concerned person…
Q: Which of the following error will be a complete reversal of entries for the purchase of stationery…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: A company that records credit purchases in a purchases journal and records purchases returns in a…
A: General Journal It is a chronological record of the transactions, showing an explanation of each…
Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…
A: Rectification of errors simply means to correct the mistakes committed while preparing the account…
Q: 6. When posting from the journal to the ledger, the accountant failed to pos debit to Cash. The…
A: Lets start with basic understanding. Journal entry is made by the entity to record the financial…
Q: Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly…
A: When some errors has been occurred in books of accounts , then it should be rectified by passing…
Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…
A: Accounting errors exists when there is omission of recording a transaction in the account or the…
Step by step
Solved in 2 steps
- In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using a correcting entry.An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries
- Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? a. Cash is overstated b. Liabilities are overstated c. Expenses are overstated d. The trial balance will not balancePixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Cash is overstated Liabilities are overstated Expenses are overstated The trial balance will not balanceWhich of the following errors would not affect net income?A. Post-dated checks are classified as cash upon receipt from customersB. Purchases on account are unrecorded because the goods are still in transit : butthe goods were included in inventoryC. Depreciation expense was recorded twice for the same yearD. The client charged an ordinary repair as part of equipment cost.
- The trial balance of Kelvin does not balance. Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100.(2) Discounts received were credited to sales revenue account.(3) An opening accrual was omitted from the rent account.(4) The debit side of the cash account was undercast. A (1) and (2)B (2) and (3)C (3) and (4)D (1) and (4) Please give solution with proper explanationA trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account with OMR 900 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 d. Credit Suspense account with OMR 900
- Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transactionWhile in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
