1581. Cartage paid 100 $ for the newly purchased machinery , if debited to cartage account will affect :

A. The machinery and cargo accounts both
B. Only Machinery account
C. Only cartage account
D. Only cash account

1582. Goods purchased from salman 3000 $ were passed through sales book , The rectification of the error will :

A. Increase the gross profit
B. Decrease the gross profit *
C. Have no impact on gross profit
D. Have a double impact on gross profit

1583. An amount of 600 $ written off as bad, was received from X and was credited to X’s personal account .The rectification of this entry will:

A. Increase net profit by 600 $ *
B. Reduce net profit by 600 $
C. Increase net profit by 1200 $
D. Reduce net profit by 1200 $

1584. Awis’s account was debited for the sum of $1,000 that was paid to Ali in exchange for his acceptance. The error will be fixed in the following ways:

A. Increase the net profit
B. Decrease the net profit
C. Increase the net profit first, then decrease it
D. Have no effect on the company’s bottom line *

1585. A credit sale was wrongly passed through purchase book , the rectification of the entry will :

A. Increase the net profit, by double amount *
B. Decrease the net profit
C. Double the amount of the net loss.
D. have no effect on the net profit

1586. Goods sold for 1000 $ were entered in the sale book by 2000 $ the rectification of the entry will :

A. Increase the net profit
B. Decrease the net profit *
C. Have double effect on net profit
D. Have no effect on net profit

1587. The money we paid to Mr. I was deducted from M’s account. The entry will be corrected to:

A. Increase – the net profit
B. Decrease – the net profit
C. Have double effect on net profit
D. Have no impact on the company’s net profit *

1588. Error of principle affects :

A. One account only
B. Two account *
C. Less than two
D. Have no effect on any account

1589. Error of omission from trial balance affects :

A. One account *
B. Two account
C. Three account
D. Four account

1590. Errors, which are made in the preparation of the trial balance are called :

A. Errors of omission
B. Errors of commission
C. Errors of principle
D. Trial balance errors *