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This a MCQ (Multiple Choice Question) based practice test of Chapter 7 - Rectification of Error of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinations
Q  Which of the following is not a type of error.
  • a)
    Compensating Errors
  • b)
    Errors of Omission
  • c)
    Errors of Commission
  • d)
    Suspense Account
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 7...
Suspense account is not at all error it is an account which have been opened if any of the account not balanced ...... so it is not at all the error. so d is the correct answer
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Community Answer
This a MCQ (Multiple Choice Question) based practice test of Chapter 7...
Suspense account is that account which is being opened when some amount has not been found.So,the unknown amount which is not knowing that the unknown amount belongs to which account.Then suspense account is used for putting that amount in the suspense account. Hence,it is not a type of error rather it's account open for rectifying the occurred errors.
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This a MCQ (Multiple Choice Question) based practice test of Chapter 7- Rectification of Error of Accountancy of Class XI (11) for the quick revision/preparation of School Board examinationsQ Which of the following is not a type of error.a)Compensating Errorsb)Errors of Omissionc)Errors of Commissiond)Suspense AccountCorrect answer is option 'D'. Can you explain this answer?
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