If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
(assuming the amount of capital remain same)
A. Remain constant
B. Decrease by $5000(Correct)
C. Increase by $5000
D. Increase by…
Which of the following statements is /are true?
A. Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
B. Undercasting or overcastting of a subsidiary book is an example or error of commission…
Which of the following is true with respect to providing depreciation under diminishing balance method?
A. The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing
B. The amount of…