Which of these errors affect two or more accounts

Bank reconciliation statement is a part of_________?

A. Cash book
B. Trial balance
C. Auditors report
D. None of these

A. Trade mark
B. Franchise
C. Accounts Receivable
D. Secret Profit
An accounts receivable is not an intangible asset. It is the amount that the business has to receive from its debtors. The other assets mentioned in alternatives a, b, and d- trademark, franchises and secret processes are intangible assets. Hence, the correct answer is C.

Which of the following statements is correct about Trial Balance?

A. The Trial Balance is prepared after preparing the Profit and Loss Account
B. The Trial Balance shows only balances of Assets and Liabilities
C. The Trial Balance shows only nominal account balances
D. The Trial Balance has no statutory importance from the point of view of law

D. A Trial Balance is a summary of all General Ledger Balances outstanding as on a particular date. All the debit balances from the ledger are shown on one side and all the credit balances are shown on the other side. A Trial Balance is prepared before Final Accounts are prepared. From the point of view of law, a Trial Balance has no statutory importance.

Generally the term fund is used to mean the difference between?

A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilities

Closing stock is generally valued at______________?

A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher
D. Cost price or Market price whichever is lower

[Hints: D. Para 5, of AS-2 states that inventories should be valued at the lower of cost and net realizable value.]

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 business