Capital increases if _________ increases?

The first step in accounting process is___________? A. Recording the transaction B. Identifying the transaction C. Posting the transaction D. Preparing the source documents

Discount allowed is a kind of deduction from_____________? A. Account payable B. Account receivable C. Cash account D. Discount account

Provision is created for____________? A. Unknown Liabilities B. Known Liabilities C. Creation of Secret Reserves D. All the Three

The Basic accounting equation is___________? A. Asset=Expense +Income B. Assets=Cash+Capital C. Assets=Capital+Liabilities D. Assets=Expenses+Capital

Which of the following is a Nominal A/c ? A. Outstanding Salary A/c B. Rent A/c C. SBI A/c D. Debtors A/c

Buildings account is debited with an amount towards repairs. This is an example of? A. Error of commission B. Error of principle C. Error of omission D. Compensating error B. Buildings account debited with an amount towards repairs is an error of principle. Error of principle is a wrong classification of expenditure or receipt.