✅ D. A credit balance in the Pass Book indicates excess of deposits over withdrawals
Option A : If a Trial Balance tallies, it always means that none of the transactions has been completely omitted Option B : A Trial Balance will not tally if a transaction is omitted Option C : A customer to whom goods have been sold on credit cannot avail himself of a cash discount Option D : A credit balance… Read more
✅ B. Inventories
Option A : Goodwill Option B : Inventories Option C : Investments Option D : Both Correct Answer : Inventories Read more
✅ D. Moving average method
Option A : Delivery method Option B : Percentage-of-completion method Option C : Production method Option D : Moving average method Correct Answer : Moving average method Read more
✅ B. Royalty
Option A : Dividend Option B : Royalty Option C : Purchase consideration Option D : Installment Correct Answer : Royalty Read more
✅ B. Error of principle
Option A : Error of commission Option B : Error of principle Option C : Error of omission Option D : Compensating error Correct Answer : Error of principle Read more
✅ B. Understatement of Assets
Option A : Overstatement of Assets Option B : Understatement of Assets Option C : Overstatement of Liabilities Option D : Understatement of Liabilities Correct Answer : Understatement of Assets Read more
✅ C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
Option A : The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013 Option B : The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013 Option C : The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013 Option D : The cost of… Read more
✅ C. The total of the sales journal has not been posted to the Sales Account
Option A : Sale of ` 100 was recorded in the Purchases Journal Option B : Wages paid to Mohan have been debited to his account Option C : The total of the sales journal has not been posted to the Sales Account Option D : Repairs to buildings have been debited to buildings account Correct Answer : The total… Read more
✅ A. Assets accounts
Option A : Assets accounts Option B : liability accounts Option C : Cash accounts Option D : Revenue accounts Correct Answer : Assets accounts Read more
✅ D. Depreciable value
Option A : Scrap value Option B : Residual value Option C : Market value Option D : Depreciable value Correct Answer : Depreciable value Read more