Question Tag: Error Detection

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FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

Question

The advantages of Control Accounts do NOT include:

A. Locating errors
B. Facilitating the extraction of trial balance
C. Detecting fraud
D. Checking on the accuracy of ledger entries
E. Discouraging adherence to double entry principle

Answer

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Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

Question

In which of the following circumstances will the preparation of a Trial Balance assist in disclosing an error?

A. Failure to post an entry journal
B. Posting rent expenses to motor running account
C. Failure to post part of a journal entry
D. Posting the debit of a journal entry as a credit and vice versa
E. Failure to record an entry in the journal

Answer

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Tags: Error Detection, Journal Entries, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: MAY 2012

FA – Nov 2020 – L1 – SA – Q19 – Trial Balance: Usefulness and Limitations

Identifies an error that would be discovered when extracting a trial balance.

Question

Which of the following errors would be discovered by extracting a trial balance?
A. A transaction has been completely missed in the accounts
B. The double entries have been made the wrong way around
C. Different figures have been entered for the debit and credit entries
D. An expense item has been posted to a non-current asset account
E. A credit sale made to Joke Ventures was debited to Joke Enterprises account

Answer

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Tags: Error Detection, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2020

FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

Question

The control account is used in facilitating:
A. The location of errors in the various accounts
B. To update bank transactions
C. The payment of debts and liabilities of the firm
D. Location of petty cash book error
E. Balancing the trial balance

Answer

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Tags: Control Accounts, Error Detection, Multiple Choice
Level: Level 1

Topic: Control Accounts
Series: NOV 2021

FA – Nov 2022 – L1 – SA – Q6 – Control Accounts

Identify the use of control accounts in financial records.

Question

The control account is used in facilitating
A. The location of errors in the various accounts
B. The update of bank transactions
C. The payment of debts and liabilities of the firm
D. Location of petty cash book error
E. Balancing the trial balance

Answer

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Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: NOV 2022

MI – Nov 2023 – L1 – SA – Q20 – Information Systems

Identifying the method used to detect incorrect data entry into a database.

Question

Which of the following can be used to detect incorrect data entry into a database?
A. Audit trail review
B. Response time test
C. Validity check
D. Storage validation
E. Keyboard test

Answer

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Tags: Data Integrity, Database, Error Detection
Level: Level 1

Topic: Information Systems
Series: NOV 2023

FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation

Identifies why a bank reconciliation statement is prepared, focusing on error detection and reconciliation of differences.

Question

Which of the following justifies why bank reconciliation statement is prepared?

(i.) Detection of error in the organisation’s cash book

(ii.) Reconciliation of differences arising from delay in clearance of cheques

(iii.) Discourage embezzlement of fund by staff

(iv.) Resolve problems highlighted by the trial balance

A. (i), (ii), (iii) and (iv)
B. (ii)
C. (i) and (ii)
D. (ii), (iii) and (iv)
E. (i), (ii) and (iii)

Answer

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Tags: Bank Reconciliation, Cash Book, Error Detection, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2017

MI – May 2016 – L1 – SB – Q6a – Information System Development and Security

Define and explain key terms related to information systems, including data transmission, data warehouse, and error detection.

Question

Define the term:

i. “Data Transmission”. (2 Marks)

ii. “Data warehouse”. (2 Marks)

iii. Explain the term “Error Detection” in relation to data transmission and list four error detection algorithms. (6 Marks)

Answer

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Tags: Data Transmission, Data Warehouse, Error Detection, Information Systems
Level: Level 1

Topic: Information Systems Development and Security

FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations

Identify the uses of a trial balance, errors that lead to a difference in trial balance figures, and errors that do not affect the balancing of the trial balance.

Question

The purpose of a trial balance is to prove the accuracy of the General Ledger accounts of a business. However, the “balancing” of the debit side and the credit side of a trial balance does not guarantee that there is no error in the General Ledger accounts.

i. State TWO uses of a trial balance to an entity. (2 Marks)
ii. State FOUR errors that may lead to difference in trial balance total figures. (2 Marks)
iii. State FOUR errors that may NOT affect the “balancing” of a trial balance. (2 Marks)

Answer

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Tags: Control Accounts, Double-Entry Accounting, Error Detection, Errors in accounting, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: MAY 2015

FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Corrects errors using journal entries, prepares a suspense account, and explains the use of suspense and control accounts.

Question

a) Odaw Ltd operates a manual set of accounts. A trial balance was extracted for the year ended 31 March 2021. The trial balance did not agree. Odaw Ltd does not operate a system of control accounts. The following errors have now been discovered:

A cheque for GHȼ4,300 received from Kwame, a debtor, had been correctly recorded in the cash book but posted as a credit to Kwamena.
Goods purchased on credit for GHȼ2,600 from Birim Ltd. had been correctly recorded in the purchases account but the corresponding double entry had not been made.
A payment of GHȼ820 for Motor Vehicle repairs was entered in error as a debit in the Motor Vehicles account. No entries have been made to record depreciation in relation to this payment. The correct depreciation has been made for motor vehicles held by the business.
Discounts allowed of GHȼ910 had been entered as a credit entry in the discounts received account.
A cheque received for GHȼ7,500 from Awuah, a debtor, had been processed for the correct amount in the cash book but entered as GHȼ5,700 in Awuah’s account.
Sales for the year ending 31 March 2021 had been undercast by GHȼ750.

Required:

i) Prepare journal entries with narratives to correct the above errors. (7 marks)
ii) Prepare the Suspense Account. (3 marks)
iii) Explain the use of a Suspense Account. (4 marks)

b) Odaw Ltd is considering introducing a system of control accounts.

Required:
Evaluate how control accounts would assist in each of the following;
i) Detection of errors; (3 marks)
ii) Prevention of fraud. (3 marks)

Answer

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Tags: Error Detection, Fraud Prevention, Journal Entries, Suspense account
Level: Level 1

Topic: Control accounts and account reconciliations, Correction of errors
Series: DEC 2023

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

Question

The advantages of Control Accounts do NOT include:

A. Locating errors
B. Facilitating the extraction of trial balance
C. Detecting fraud
D. Checking on the accuracy of ledger entries
E. Discouraging adherence to double entry principle

Answer

Find Related Questions by Tags, levels, etc.

Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: MAY 2012

FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

Question

In which of the following circumstances will the preparation of a Trial Balance assist in disclosing an error?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Detection, Journal Entries, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: MAY 2012

FA – Nov 2020 – L1 – SA – Q19 – Trial Balance: Usefulness and Limitations

Identifies an error that would be discovered when extracting a trial balance.

Question

Answer

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Tags: Error Detection, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: NOV 2020

FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

Question

Answer

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Tags: Control Accounts, Error Detection, Multiple Choice
Level: Level 1

Topic: Control Accounts
Series: NOV 2021

FA – Nov 2022 – L1 – SA – Q6 – Control Accounts

Identify the use of control accounts in financial records.

Question

Answer

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Tags: Control Accounts, Error Detection, Trial Balance
Level: Level 1

Topic: Control Accounts
Series: NOV 2022

MI – Nov 2023 – L1 – SA – Q20 – Information Systems

Identifying the method used to detect incorrect data entry into a database.

Question

Which of the following can be used to detect incorrect data entry into a database?
A. Audit trail review
B. Response time test
C. Validity check
D. Storage validation
E. Keyboard test

Answer

Find Related Questions by Tags, levels, etc.

Tags: Data Integrity, Database, Error Detection
Level: Level 1

Topic: Information Systems
Series: NOV 2023

FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation

Identifies why a bank reconciliation statement is prepared, focusing on error detection and reconciliation of differences.

Question

Which of the following justifies why bank reconciliation statement is prepared?

(i.) Detection of error in the organisation’s cash book

(ii.) Reconciliation of differences arising from delay in clearance of cheques

(iii.) Discourage embezzlement of fund by staff

(iv.) Resolve problems highlighted by the trial balance

A. (i), (ii), (iii) and (iv)
B. (ii)
C. (i) and (ii)
D. (ii), (iii) and (iv)
E. (i), (ii) and (iii)

Answer

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Tags: Bank Reconciliation, Cash Book, Error Detection, Reconciliation
Level: Level 1

Topic: Bank reconciliations
Series: MAY 2017

MI – May 2016 – L1 – SB – Q6a – Information System Development and Security

Define and explain key terms related to information systems, including data transmission, data warehouse, and error detection.

Question

Define the term:

i. “Data Transmission”. (2 Marks)

ii. “Data warehouse”. (2 Marks)

iii. Explain the term “Error Detection” in relation to data transmission and list four error detection algorithms. (6 Marks)

Answer

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Tags: Data Transmission, Data Warehouse, Error Detection, Information Systems
Level: Level 1

Topic: Information Systems Development and Security

FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations

Identify the uses of a trial balance, errors that lead to a difference in trial balance figures, and errors that do not affect the balancing of the trial balance.

Question

Answer

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Tags: Control Accounts, Double-Entry Accounting, Error Detection, Errors in accounting, Trial Balance
Level: Level 1

Topic: Trial Balance: Usefulness and Limitations
Series: MAY 2015

FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Corrects errors using journal entries, prepares a suspense account, and explains the use of suspense and control accounts.

Question

A cheque for GHȼ4,300 received from Kwame, a debtor, had been correctly recorded in the cash book but posted as a credit to Kwamena.
Goods purchased on credit for GHȼ2,600 from Birim Ltd. had been correctly recorded in the purchases account but the corresponding double entry had not been made.
A payment of GHȼ820 for Motor Vehicle repairs was entered in error as a debit in the Motor Vehicles account. No entries have been made to record depreciation in relation to this payment. The correct depreciation has been made for motor vehicles held by the business.
Discounts allowed of GHȼ910 had been entered as a credit entry in the discounts received account.
A cheque received for GHȼ7,500 from Awuah, a debtor, had been processed for the correct amount in the cash book but entered as GHȼ5,700 in Awuah’s account.
Sales for the year ending 31 March 2021 had been undercast by GHȼ750.

Required:

i) Prepare journal entries with narratives to correct the above errors. (7 marks)
ii) Prepare the Suspense Account. (3 marks)
iii) Explain the use of a Suspense Account. (4 marks)

b) Odaw Ltd is considering introducing a system of control accounts.

Required:
Evaluate how control accounts would assist in each of the following;
i) Detection of errors; (3 marks)
ii) Prevention of fraud. (3 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Error Detection, Fraud Prevention, Journal Entries, Suspense account
Level: Level 1

Topic: Control accounts and account reconciliations, Correction of errors
Series: DEC 2023

Question Tag: Error Detection

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FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

You're reporting an error for "FA – May 2012 – L1 – SA – Q17 – Control Accounts"

FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

You're reporting an error for "FA – May 2012 – L1 – SA – Q3 – Trial Balance"

FA – Nov 2020 – L1 – SA – Q19 – Trial Balance: Usefulness and Limitations

Identifies an error that would be discovered when extracting a trial balance.

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FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

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FA – Nov 2022 – L1 – SA – Q6 – Control Accounts

Identify the use of control accounts in financial records.

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MI – Nov 2023 – L1 – SA – Q20 – Information Systems

Identifying the method used to detect incorrect data entry into a database.

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FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation

Identifies why a bank reconciliation statement is prepared, focusing on error detection and reconciliation of differences.

You're reporting an error for "FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation"

MI – May 2016 – L1 – SB – Q6a – Information System Development and Security

Define and explain key terms related to information systems, including data transmission, data warehouse, and error detection.

You're reporting an error for "MI – May 2016 – L1 – SB – Q6a – Information System Development and Security"

FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations

Identify the uses of a trial balance, errors that lead to a difference in trial balance figures, and errors that do not affect the balancing of the trial balance.

You're reporting an error for "FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations"

FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Corrects errors using journal entries, prepares a suspense account, and explains the use of suspense and control accounts.

You're reporting an error for "FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors"

FA – May 2012 – L1 – SA – Q17 – Control Accounts

Identifying an advantage not associated with control accounts.

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FA – May 2012 – L1 – SA – Q3 – Trial Balance

Identifying how a trial balance helps disclose errors.

You're reporting an error for "FA – May 2012 – L1 – SA – Q3 – Trial Balance"

FA – Nov 2020 – L1 – SA – Q19 – Trial Balance: Usefulness and Limitations

Identifies an error that would be discovered when extracting a trial balance.

You're reporting an error for "FA – Nov 2020 – L1 – SA – Q19 – Trial Balance: Usefulness and Limitations"

FA – Nov 2021 – L1 – SA – Q6 – Control Accounts

This question explores the role of control accounts in accounting.

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FA – Nov 2022 – L1 – SA – Q6 – Control Accounts

Identify the use of control accounts in financial records.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q6 – Control Accounts"

MI – Nov 2023 – L1 – SA – Q20 – Information Systems

Identifying the method used to detect incorrect data entry into a database.

You're reporting an error for "MI – Nov 2023 – L1 – SA – Q20 – Information Systems"

FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation

Identifies why a bank reconciliation statement is prepared, focusing on error detection and reconciliation of differences.

You're reporting an error for "FA – May 2017 – L1 – SA – Q1 – Bank Reconciliation"

MI – May 2016 – L1 – SB – Q6a – Information System Development and Security

Define and explain key terms related to information systems, including data transmission, data warehouse, and error detection.

You're reporting an error for "MI – May 2016 – L1 – SB – Q6a – Information System Development and Security"

FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations

Identify the uses of a trial balance, errors that lead to a difference in trial balance figures, and errors that do not affect the balancing of the trial balance.

You're reporting an error for "FA – May 2015 – L1 – Q4a – Trial Balance: Usefulness and Limitations"

FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors

Corrects errors using journal entries, prepares a suspense account, and explains the use of suspense and control accounts.

You're reporting an error for "FA – Dec 2023 – L1 – Q3 – Control accounts and account reconciliations | Correction of errors"

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