Correction of Error

Rectification of Error videoIn this page you would find all the relevant material regarding the financial accounting topic of  ‘ Rectification of Error’ or ‘ Correction of Error’. The Material includes Video lectures, Notes, Practice Questions etc.

Video Lecture

Language: (Urdu and Hindi) Video Length: About 19 minutes File Type: Flash file (zipped) File Size: 5.5 mb

Lecture Overview:  In this lecture you would learn about two broad categories of Error i.e. ;

Errors that affect trial balance agreement &;
Errors that do not affect trial balance agreement.

The errors which do not affect the trial balance agreement are further divided in to 6 categories;

a: Error of Omittion Continue reading “Correction of Error” →

Basic Concepts Problems and Solution

This question tests your basic knowledge of various accounting Principals ranging from fundamental accounting principals to inventory (IAS 2).

SAMPLE :

Question:- Revenue is not recognized when it is received.

Ans: True, it is recognized in the period in which it is earned.

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You need to have PDF reader installed on your machine as this is in PDF format.

Branch Accounting Problems and solutions

This is the professional exam level question on the topic of Branch Accounting.

It is moderately difficult.

File size : 1.12 mb

Format: pdf

You must have adobe reader 7 or above to view the file contents.

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Practice Questions --- Material Cost

There are about 10 MCQs on the topic of material.

Sample Question

Q:- One of the following documents is used for issuing materials to production departments.

A: Purchase Requisition Note
B: Stores Requisition Note
C: Goods Received Note
D: Stores Credit Note

Now attempt the following question. Click on the following video. It takes some time to load. After it is fully loaded, the test will begin.

There is no time limit to answer the question.

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Practice Questions --- Labour Cost

Download the file and attempt the question on the topic “Labour Cost” of cost accounting. Currently there are 10 Questions. You need to have adobe reader 9 or higher to access the file.

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Practice Questions -- Process Costing

Download the Mcqs on the topic of Process Costing. Please note that you will require Adobe Acrobat Reader 9 or higher to view the file.

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General Cost Accounting Quizz

In this file, you will find 10 MCQs and True/Falls etc regarding cost accounting. All questions carry equal marks i.e 10. You need 80% to pass this test. This is very easy and  for beginners. Continue reading “General Cost Accounting Quizz” →

Overhead Variance - Four Variance Method

This is the last lecture on Variance Analysis

In the four Variance method following variances are calculated

  1. Spending Variance
  2. Idle Capacity Variance
  3. Variable Efficiency Variance
  4. Fixed Efficiency Variance. Continue reading “Overhead Variance – Four Variance Method” →