What is a Trial Balance? Types of Errors & Solved MCQs for Quick Revision
The topic "MCQs for Accountancy Class 11 Chapter 6" centers around the concepts of trial balance and rectification of errors. It is crucial for Class 11 students and those preparing for competitive exams, as it forms the foundation for accurate financial reporting and the identification of accounting mistakes. Mastering these concepts aids in both theoretical understanding and real-world business scenarios.
| Error Type | Definition | Trial Balance Effect | Rectification Through |
|---|---|---|---|
| Error of Omission | A transaction not recorded at all. | Trial Balance agrees | Journal Entry |
| Error of Commission | Incorrect recording (e.g., wrong amount or account). | Trial Balance disagrees (if one-sided) | Rectification & Suspense Account (if one-sided) |
| Error of Principle | Accounting rule ignored (e.g., capital expense treated as revenue). | Trial Balance agrees | Journal Entry |
| Compensating Error | One error offsets another. | Trial Balance agrees | Journal Entry |
MCQs for Accountancy Class 11 Chapter 6: Trial Balance and Rectification of Errors
MCQs help students test their conceptual clarity about trial balance and rectification of errors. Practicing these is essential for scoring well in school and competitive exams. Here are some sample questions with answers and explanations, suitable for quick revision.
| Question | Options | Answer & Explanation |
|---|---|---|
| If the trial balance does not tally after many efforts, which account is opened? |
(a) Purchase account (b) Suspense account (c) Sales account (d) None of the above |
(b) Suspense account The suspense account is used to temporarily balance the trial balance until errors are located. |
| Which error is NOT revealed by a trial balance? |
(a) Error of principle (b) Error of commission (one-sided) (c) Error of posting wrong amount to one side (d) Casting error in sales account |
(a) Error of principle Errors of principle do not affect the trial balance as double-entry is maintained. |
| Goods worth Rs.100 given as charity should be credited to – |
(a) Sales Account (b) Purchase Account (c) Charity Account (d) None of the above |
(b) Purchase Account Charity given out of purchases is reduced from the purchase account. |
| Under casting of Sales book is corrected by ____ the Sales Account. |
(a) Crediting (b) Debiting (c) Balancing (d) Ignoring |
(a) Crediting If sales are undercast, the sales account must be credited with the shortage. |
| How many methods are there for preparing a trial balance? |
(a) Four (b) Three (c) Two (d) One |
(a) Four The four recognised methods are total method, balance method, total and balance method, and schedule of balances method. |
Types of Errors and Rectification in Accountancy
Understanding the types of errors is key to mastering rectification. Errors can occur due to omission, commission, wrong principle, or compensating effects. Identifying these helps in choosing the correct method of rectification and exam-solving strategy.
Error of Omission
When a transaction is not recorded at all, it is an error of omission. For example, forgetting to record a sale. This error does not affect the trial balance agreement and is detected by reviewing source documents.
Error of Principle
This occurs when accounting rules are violated, like debiting an expense account instead of an asset. For example, charging furniture purchase to general expenses. Such errors require adjustment through proper journal entries but do not disturb the trial balance.
Rectification Entries
- One-sided errors: Adjust the suspense account and the affected account.
- Two-sided errors: Pass a journal entry to reverse and correct both account balances involved.
For more details, visit Rectification of Errors at Vedantu.
Exam Preparation Tips for Accountancy MCQs
- Practice daily using varied MCQs to reinforce concepts.
- Understand why an answer is correct with brief explanations.
- For errors and rectification, carefully read the scenario and check which account is affected.
- Use quick notes and mind maps to classify error types.
- Attempt online quizzes for real-time practice.
Downloadable Accountancy MCQs and Answer Keys
Students can access and download MCQ sets and answer keys for offline revision. Vedantu offers exclusive downloadable PDFs for extensive practice and quick revision before exams.
- DK Goel Solutions Class 11 Chapter 6 (PDF)
- TS Grewal Solutions Class 11 Chapter 6 (PDF)
- Trial Balance Format Example
- Online MCQ quizzes (available on Vedantu's learning portal)
Related Concepts for Further Study
- Types of Errors
- Suspense Account
- Objectives and Limitations of Trial Balance
- Ledger Accounts
- Journal Entry through Accounting Equation
In summary, "MCQs for Accountancy Class 11 Chapter 6" provides essential practice on trial balance and rectification of errors. By understanding error types, practicing MCQs, and using downloadable resources, students can boost their exam confidence. Explore more at Vedantu to master these key Commerce concepts.
FAQs on Accountancy Class 11 Chapter 6: MCQs on Trial Balance and Rectification of Errors
1. What is a Trial Balance in Accountancy Class 11 Chapter 6?
A Trial Balance is a key statement in accountancy that lists all ledger account balances to verify the accuracy of the double-entry bookkeeping system. It helps detect errors in recording transactions.
2. What type of errors can be detected by a trial balance?
A trial balance primarily detects simple errors like one-sided posting errors where a debit or credit is entered incorrectly. However, it may not uncover errors of omission (missing entries) or principle (incorrect application of accounting rules).
3. Which account is opened if the trial balance does not tally?
If a trial balance doesn't match (debit and credit totals are unequal), a Suspense Account is created. This temporary account holds the difference until the errors causing the imbalance are found and rectified.
4. Are MCQs important for Class 11 Accountancy exam preparation?
Yes, practicing MCQs for Class 11 Accountancy is crucial. They help build a strong understanding of concepts, improve speed, and boost confidence for objective-type exam questions, increasing your chances of getting full marks.
5. How can I get full marks in accountancy class 11?
Getting full marks in Class 11 Accountancy requires consistent effort. Focus on understanding concepts thoroughly, practicing MCQs regularly, mastering journal entries, and seeking clarification on any doubts you may have.
6. What is the hardest chapter in class 11 accountancy?
The difficulty of Class 11 Accountancy chapters varies depending on individual strengths and weaknesses. However, chapters dealing with complex concepts like Trial Balance and Rectification of Errors are often considered challenging by students. Consistent practice is key.
7. Is accountancy class 11 hard?
The perceived difficulty of Class 11 Accountancy depends on individual learning styles and prior knowledge. While it requires dedication and consistent practice, especially for mastering concepts like the trial balance and rectification of errors, it's manageable with proper guidance and study habits.
8. How do I distinguish between an error of principle and an error of omission?
An error of principle violates basic accounting rules (e.g., treating a capital expenditure as revenue expense). An error of omission is where an entire transaction is missing from the books of accounts.
9. Can a trial balance agree even if errors exist in the books?
Yes, a trial balance can still balance even with errors. Compensating errors (errors that offset each other) and two-sided errors (errors affecting both debit and credit sides equally) won't affect the trial balance's equality, but they still need rectification.
10. What are journal entries for rectifying one-sided errors?
Rectifying one-sided errors involves correcting the wrongly entered amount in the affected account. If the error is in a debit, a correcting credit entry is made; if it's in a credit, a correcting debit entry is made. In some cases, the Suspense Account might be involved in the rectification.
11. What practical tips help identify errors quickly in exams?
To identify errors quickly during exams, carefully verify that every debit entry has a corresponding credit entry. Double-check all your totals and use the process of elimination when tackling MCQs with similar-looking options.
12. Where can I find MCQs for Accountancy Class 11 Chapter 6 with PDF answers?
Many educational websites and platforms offer MCQs for Class 11 Accountancy Chapter 6, often with downloadable PDF answer keys. Look for reputable sources aligned with the CBSE syllabus.
