When bill discounted with the bank is dishonored?

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Option A : Errors which affect one account can be errors of posting Option B : Errors of omission arise when any transaction is left to be recorded Option C : Errors of carry forward from one year to another year affect both Personal and Real A/c Option D : Errors of commission arise when any transaction is recorded in… Read more

✅ A. $5000 will be credited

Option A : $5000 will be credited Option B : $5000 will be debited Option C : $10,000 will be credited Option D : $10,000 will be debited Correct Answer : $5000 will be credited Read more

✅ A. Business entity concept

Option A : Business entity concept Option B : Money measurement concept Option C : Going concern concept Option D : Matching concept Read More Details about this Mcq Correct Answer : Business entity concept Read more

✅ D. Administration and general expenses

Option A : Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use Option B : Stand by equipment and servicing equipment Option C : Expenditure incurred on test runs and experimental production Option D : Administration and general expenses Correct Answer : Administration and general expenses Read more

✅ D. All the three

Option A : Errors of complete omission Option B : Errors of principle Option C : Errors of posting to wrong account Option D : All the three Correct Answer : All the three Read more

✅ A. Sundry Debtors

Option A : Sundry Debtors Option B : Stock Option C : Prepaid insurance Option D : All of Correct Answer : All of and above Read more

✅ A. Postage stamps

Option A : Postage stamps Option B : B/R Option C : Cheque Deposited with Bank Option D : B/R endorsed Correct Answer : Postage stamps Read more

✅ C. Profit and Loss A/c

Option A : In Trading A/c Option B : In Profit and Loss Appropriation A/c Option C : Profit and Loss A/c Option D : Being a non operating item ignored Correct Answer : Profit and Loss A/c Read more