1-Which of the following is an example of Transposition Error?a.Electricity expense of OMR 50 entered two times by mistakeb.Purchase of Merchandise on credit RO 15000 entered in Fixed asset account.c.Sales day book undercast by RO 1200d.Sale of Merchandise for cash RO 15,729 entered as 15279 in Sales account 2-Ms. Salma is an Accountant. the business incurred electricity expense of RO 512 was entered by her as RO 152 in cash account. but the entry was written in electricity account correctly.Which of the following rectification entry is Correct?a.Give Credit Cash account with RO 360 b.Give Debit Cash account with RO 360c.Give Debit Cash Account with RO 720 d.give Debit RO 360 in both the accounts 3-Credit sales invoice will be recorded ina.Sales journalb.Purchase journalc.Purchase ledgerd.Sales ledger4-Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are RO 60,000 the Net profit is:a.90,000b.340,000c.400,000d.30,000Clear my choice 5-Output results of computerized accounting system will be a.Ledgerb.Financial statementsc.Day bookd.Journal

Rectification entry means where some error has been done in past and we need to rectify that errors.…

Answered: 1-Which of the following is an example…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1-Which of the following is an example of Transposition Error?

Electricity expense of OMR 50 entered two times by mistake

Purchase of Merchandise on credit RO 15000 entered in Fixed asset account.

Sales day book undercast by RO 1200

Sale of Merchandise for cash RO 15,729 entered as 15279 in Sales account

2-Ms. Salma is an Accountant. the business incurred electricity expense of RO 512 was entered by her as RO 152 in cash account. but the entry was written in electricity account correctly.

Which of the following rectification entry is Correct?

Give Credit Cash account with RO 360

Give Debit Cash account with RO 360

Give Debit Cash Account with RO 720

give Debit RO 360 in both the accounts

3-Credit sales invoice will be recorded in

Sales journal

Purchase journal

Purchase ledger

Sales ledger

4-Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are RO 60,000 the Net profit is:

90,000

340,000

400,000

30,000

Clear my choice

5-Output results of computerized accounting system will be

Ledger

Financial statements

Day book

Journal

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