Which of these errors affect only one account?
Which of these errors affect only one account?
A. Errors of casting
B. Errors of carry forward
C. Errors of posting
D. All the three
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A cash deposit made by business appears on the bank statement as _______ balance?
A cash deposit made by business appears on the bank statement as _______ balance?A. Debit
B. Credit
C. Expenses
D. LiabilityWhich 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.A brief explanation recorded below every entry in general journal is commonly known as__________?
A brief explanation recorded below every entry in general journal is commonly known as__________?
A. Narration
B. Explanation
C. Summary
D. Other informationFrom the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.A. 6441
B. 5431
C. 7654
D. 9876X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?A. 4-4-2013
B. 3-4-2013
C. 1-4-2013
D. 31-3-2013$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.A. $5000 will be credited
B. $5000 will be debited
C. $10,000 will be credited
D. $10,000 will be debited