reduction in price is called:
reduction in price is called:
A. Paid price
B. Invoice price
C. Book price
D. Discount
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Which of the following is the internal user of financial statements?
Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. holder of the business
D. Manager of the businessBank reconciliation statement is prepared by____________?
Bank reconciliation statement is prepared by____________?A. Accountant of the business
B. Manager of the business
C. Controller of the bank
D. Accountant of the bankRecent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
A. Written down to zero or its scrap value
B. Shown in the Balance Sheet at its replacement cost
C. Shown in the Balance Sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is soldThe normal balance of capital account is_____________?
The normal balance of capital account is_____________?A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balanceNet loss occurs when______________?
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than incomeWhich of the following is true?
Which of the following is true?
A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenueErrors of casting can appear in any account and not personal accounts alone. Hence statements A. is false. Omission of a transaction from subsidiary affects two accounts are subsidiary books are books of original entry hence posting in two accounts is omitted.
Statement B. is false. Error of carry forward affects only one account i.e., the account in whose an error has been made.
Statement C. is false. Errors of principle involve incorrect allocation of an item between capital and revenue. Hence statement D. is true.