Correction of Errors - Suspense Accounts (Leaving Cert Accounting): Quizzes
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Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a suspense account used for in accounting?
What is a suspense account used for in accounting?
To record differences when trial balance doesn't balance
A sale of is recorded as on both debit & credit sides. What error type is this?
A sale of is recorded as on both debit & credit sides. What error type is this?
Error of original entry
An electricity bill of is not recorded at all. What type of error is this?
An electricity bill of is not recorded at all. What type of error is this?
Error of omission
Goods from Brown Ltd are credited to Black Ltd instead. What error type is this?
Goods from Brown Ltd are credited to Black Ltd instead. What error type is this?
Error of commission
A motor vehicle for is debited to purchases not equipment. What error is this?
A motor vehicle for is debited to purchases not equipment. What error is this?
Error of principle
A bill recorded as & a payment as . What error type is this?
A bill recorded as & a payment as . What error type is this?
Compensating error
A credit purchase is recorded as credit purchases & debit creditors. What error is this?
A credit purchase is recorded as credit purchases & debit creditors. What error is this?
Complete reversal of errors
Where do purchases & expenses appear in journal entries?
Where do purchases & expenses appear in journal entries?
Debit side
For assets in corrected balance sheet, what does a debit side entry in journal mean?
For assets in corrected balance sheet, what does a debit side entry in journal mean?
Increase (Add)
Which error type causes the trial balance to not balance?
Which error type causes the trial balance to not balance?
Incomplete double entries