$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

Debit balance = Credit balance in a trial balance indicates that:

A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically Capital+Liabilities=Assets

The process of paying off debt over time in regular installment of interest & principal sufficient to repay the loan in fully by its maturity date.A. Amortization
B. Loan Payment
C. Liability
D. Securitization

 

Which of the following is a revenue expenses?

A. Raw material consumed
B. Plant purchased
C. Long term loan raised from bank
D. Capital

Which of the following is not a deferred revenue expenditure?

A. Expenses in connection with issue of equity s
B. Preoperative expenses
C. Heavy advertising expenses to introduce a new product
D. Legal expenses incurred in defending a suit for breach of contract to supply goods

D. Deferred revenue expenditure is a revenue expenditure whose benefit lasts for more than one accounting periods and is therefore written off during the periods over which the benefit lasts(However, AS 26 requires that Deferred revenue expenditure is expenses wholly in the year of incurrence). Legal expenses incurred in defending a suit for breach of contract for supply of goods does not satisfy the prerequisites of a deferred revenue expenditure.