Reference no: EM131801880
1. This journal entry rectifies the previously made erroneous journal entry.
a. correcting entry
b. adjusting entry
c. closing entry
d. reversing entry
2. This journal entry rectifies the accounts by updating and reclassifying.
a. correcting entry
b. adjusting entry
c. closing entry
d. reversing entry
3. This journal entry stops the entry of the temporary account in the next accounting period.
a. correcting entry
b. adjusting entry
c. closing entry
d. reversing entry
4. This journal entry prepares the accounts for the recording of transactions for the new accounting period.
a. correcting entry
b. adjusting entry
c. closing entry
d. reversing entry
5. This recording error is due to interchanging the positions of figures.
a. transposition error
b. transplacement error
c. transaction error
d. account title error
6. This accounting error is committed by not recording a transaction.
a. transposition error
b. transaction error
c. omission error
d. account title error
7. This accounting error is made when the transaction is not properly described in the journal entries.
a. transposition error
b. account title error
c. omission error
d. account title error
8. This accounting error is due to the wrong posting of figures in the amount column when the journal entry was made.
a. transposition error
b. transplacement error
c. transaction error
d. account title error
9. It refers to the temporary account title used to correct error when the nominal accounts are already closed.
a. capital account
b. drawing account
c. real account
d. income summary account
10. The account used to correct error when the income summary account is already closed.
a. capital account
b. drawing account
c. real account
d. income summary account
11. This accounting error affects the real accounts and therefore needs to be corrected whenever discovered.
a. counter-balancing error
b. perpetual error
c. mixed accounts error
d. material error
12. This accounting error affects the nominal accounts and its corrections is not needed when nominal accounts were already closed because the error will naturally be corrected in the next accounting period.
a. counter-balancing error
b. perpetual error
c. mixed accounts error
d. material error
13. This accounting error affects both nominal and real accounts and could be corrected by either using the income summary or the capital account.
a. counter-balancing error
b. perpetual error
c. mixed accounts error
d. material error