Accounting ProcessQuestion 4690 of 84
All Questions

Purchase of office furniture & fixtures of Rs. 2,500 has been debited to General Expense Account. It is an error of omission, [Nov, 2020, 2 Marks]

For any discrepancies in this question, email contact@cadada.in

Ad

Detailed Solution & Explanation

False: It is an error of Principle.

About This Chapter: Accounting Process

Paper

Paper 1: Accounting

Weightage

25-30%

Key Topics

Journal, Ledger, Trial Balance, Cash Book, Rectification

This chapter covers Journal, Ledger, Trial Balance, Cash Book, Rectification and is part of Paper 1: Accounting in the CA Foundation exam.

View Official ICAI Syllabus

Exam Strategy Tip

This topic carries 25-30% weightage. Focus on understanding core concepts rather than memorizing.

Key Concepts to Understand

Trial Balance

A statement listing all ledger account balances at a specific date to verify the arithmetic accuracy of the double-entry bookkeeping system. It serves as the first step in preparing final accounts.

Related Comparison Tables

GDP vs GNP: National Income Accounting for CA Foundation

More Questions from Accounting Process

Accounting Standards can override the statute. [June 2024, 2 Marks]

What are the advantages of subsidiary books? [July 2021, 5 Marks; June 2024, 5 Marks]; [MTP Jan. 2025]

What are the importance of Journal? [June 2023, 5 Marks]

Double Entry System [Jan. 2025, 5 Marks]

Petty Cash Book [June 2022, 5 Marks]

Imprest System

Ready to Master Accounting Process?

Practice all 84 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.

Start Practicing — It's Free