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Please note that papers are only available as scanned PDF files. ANS: A, 16) If salary account is debited instead of stationary account, the error committed is that of (a) commission (b) omission (c) principle (d) compensation ANS: A, 17) Ledger accounts is mainly classified into (a) nominal, real and personal account (b)fixed and current accounts(c) management, financial and public sector accounting (d) bank and cash accounts ANS: A, 18) One major advantage of a ledger is that it (a) is a book of original entry (b) is only accessible to shareholders during distribution (c) removes the need for preparing a balance sheet after each transaction (d) can be used by any type of business. Which of the following journal entries can be used to correct the error? ECONOMICS. 2011. Please regularly refer to the ICM News and Announcements page for updates and arrangements on RAs and any further changes as and when traditional examinations recommence. 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(a) realization (b) entity (c) going concern (d) duality ANS: D, 6) The art of collecting, recording, presenting and interpreting accounting data is ___. (a) sales (b) purchase (c) discount received (d) interest received ANS: B, 26) Which of the following is the basic accounting equation? sANS: A, 12) A sales Day Book is used for recording___ (a) credit sales (b) sales returns (c) hire purchase (d) cash sales ANS: A, 13) A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of (a) classifying in the ledger (b) testing arithmetical accuracies of the ledger account balance (c) identifying the balance sheet items (d) providing a basis for establishing the accountant’s competence. 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