AIPB – MASTERING CORRECTIONS OF ACCOUNTING
ERRORS EXAM NEWEST 2025-2026 ACTUAL EXAM
WITH COMPLETE 110 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
The bank statement balance of $7,000 does not include a check outstanding of
| | | | | | | | | | | |
$1,000, a deposit in transit of $325, but does include a bank service charge of $25
| | | | | | | | | | | | | | |
and another company's $100 check erroneously charged against your firm's
| | | | | | | | | |
account (not recorded in the Cash account). The reconciled bank balance is:
| | | | | | | | | | |
A. $6,400
|
B. $6,575
|
C. $6,425
|
D. $6,625
|
C. $6,425
|
Which of the following accounts may appear on all the adjusted and post-closing
| | | | | | | | | | | |
trial balances?
| |
A. Purchases
|
B. Purchase Discounts
| |
C. Notes Payable
| |
,D. All of the above
| | | |
C. Notes Payable
| |
Internal accounting controls ...
| | |
A. Are part of every company's accounting system
| | | | | | |
B. Prevent accounting errors
| | |
C. Guarantee reliable accounting information
| | | |
D. Help to ensure the reliability of accounting information
| | | | | | | |
D. Help to ensure the reliability of accounting information
| | | | | | | |
Which of the following is not used to detect accounting errors?
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A. Monthly bank reconciliations
| | |
B. Prior period adjustments
| | |
C. Monthly trial balances
| | |
D. Internal audits
| |
B. Prior period adjustments
| | |
,If depreciation expense of $1,000 is posted as $100, this is ...
| | | | | | | | | | |
A. A transposition error
| | |
B. A classification error
| | |
C. A slide error
| | |
D. Use of an incorrect accounting principle
| | | | | |
C. A slide error
| | |
You discover a $900 difference in your trial balance totals. You have narrowed
| | | | | | | | | | | |
your investigation to the following account balances. Which one(s) may contain a
| | | | | | | | | | |
transposition? (There may be more than one possible answer.)
| | | | | | | | |
A. Cash $170
| |
B. Cost of Goods Sold $2,300
| | | | |
C. Taxes Payable $310
| | |
D. Additional Paid-In Capital $1,200
| | | |
B. Cost of Goods Sold $2,300
| | | | |
| Or
D. Additional Paid-In Capital $1,200
| | | |
Depreciation Expense for the building your company has owned for several years
| | | | | | | | | | |
is listed on:
| | |
, A. The unadjusted trial balance
| | | |
B. The adjusted trial balance
| | | |
C. The post-closing trial balance
| | | |
D. All of the above
| | | |
B. The adjusted trial balance
| | | |
If a company calculates bad debt expense at 1 % of sales but the percentage used
| | | | | | | | | | | | | | |
|was 5% of sales, this is ...
| | | | | |
A. A transposition error
| | |
B. Use of an improper estimate
| | | | |
C. A slide error
| | |
D. Use of an incorrect accounting principle
| | | | | |
B. Use of an improper estimate
| | | | |
Silico painted its building at a cost of $10,000 and decided to capitalize it (debit
| | | | | | | | | | | | | |
Buildings), instead of expensing it (debit Repairs and Maintenance Expense). This
| | | | | | | | | | |
is ...
| |
A. A transposition error
| | |
B. A classification error
| | |
C. An improper estimate
| | |
ERRORS EXAM NEWEST 2025-2026 ACTUAL EXAM
WITH COMPLETE 110 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS) ALREADY
GRADED A+
The bank statement balance of $7,000 does not include a check outstanding of
| | | | | | | | | | | |
$1,000, a deposit in transit of $325, but does include a bank service charge of $25
| | | | | | | | | | | | | | |
and another company's $100 check erroneously charged against your firm's
| | | | | | | | | |
account (not recorded in the Cash account). The reconciled bank balance is:
| | | | | | | | | | |
A. $6,400
|
B. $6,575
|
C. $6,425
|
D. $6,625
|
C. $6,425
|
Which of the following accounts may appear on all the adjusted and post-closing
| | | | | | | | | | | |
trial balances?
| |
A. Purchases
|
B. Purchase Discounts
| |
C. Notes Payable
| |
,D. All of the above
| | | |
C. Notes Payable
| |
Internal accounting controls ...
| | |
A. Are part of every company's accounting system
| | | | | | |
B. Prevent accounting errors
| | |
C. Guarantee reliable accounting information
| | | |
D. Help to ensure the reliability of accounting information
| | | | | | | |
D. Help to ensure the reliability of accounting information
| | | | | | | |
Which of the following is not used to detect accounting errors?
| | | | | | | | | |
A. Monthly bank reconciliations
| | |
B. Prior period adjustments
| | |
C. Monthly trial balances
| | |
D. Internal audits
| |
B. Prior period adjustments
| | |
,If depreciation expense of $1,000 is posted as $100, this is ...
| | | | | | | | | | |
A. A transposition error
| | |
B. A classification error
| | |
C. A slide error
| | |
D. Use of an incorrect accounting principle
| | | | | |
C. A slide error
| | |
You discover a $900 difference in your trial balance totals. You have narrowed
| | | | | | | | | | | |
your investigation to the following account balances. Which one(s) may contain a
| | | | | | | | | | |
transposition? (There may be more than one possible answer.)
| | | | | | | | |
A. Cash $170
| |
B. Cost of Goods Sold $2,300
| | | | |
C. Taxes Payable $310
| | |
D. Additional Paid-In Capital $1,200
| | | |
B. Cost of Goods Sold $2,300
| | | | |
| Or
D. Additional Paid-In Capital $1,200
| | | |
Depreciation Expense for the building your company has owned for several years
| | | | | | | | | | |
is listed on:
| | |
, A. The unadjusted trial balance
| | | |
B. The adjusted trial balance
| | | |
C. The post-closing trial balance
| | | |
D. All of the above
| | | |
B. The adjusted trial balance
| | | |
If a company calculates bad debt expense at 1 % of sales but the percentage used
| | | | | | | | | | | | | | |
|was 5% of sales, this is ...
| | | | | |
A. A transposition error
| | |
B. Use of an improper estimate
| | | | |
C. A slide error
| | |
D. Use of an incorrect accounting principle
| | | | | |
B. Use of an improper estimate
| | | | |
Silico painted its building at a cost of $10,000 and decided to capitalize it (debit
| | | | | | | | | | | | | |
Buildings), instead of expensing it (debit Repairs and Maintenance Expense). This
| | | | | | | | | | |
is ...
| |
A. A transposition error
| | |
B. A classification error
| | |
C. An improper estimate
| | |
