Which of the following is generally not the party to a check?

✅ B. A Liability

Option A : An Asset in the Balance Sheet Option B : A Liability Option C : By adjusting it in the P & L A/c Option D : Both Correct Answer : Both and above Read more

✅ A. Mistake in balancing an account

Option A : Mistake in balancing an account Option B : Omitting to record a transaction entirely in the subsidiary books Option C : Recording of a wrong entry in the subsidiary books Option D : Posting an entry on the correct side but in the wrong account Correct Answer : Mistake in balancing an account Read more

✅ A. Credited in the cash book

Option A : Credited in the cash book Option B : Debited in the cash book Option C : Entered in the bank statement Option D : Entered in the petty cash balance Correct Answer : Credited in the cash book Read more

✅ B. Uncredited checks

Option A : Unpresented checks Option B : Uncredited checks Option C : Outstanding checks Option D : Bounced checks Correct Answer : Uncredited checks Read more

✅ B. Loss of 22,000

Option A : Loss of 20,000 Option B : Loss of 22,000 Option C : Loss of 11,000 Option D : Profit of 11,000 Correct Answer : Loss of 22,000 Read more

✅ C. Allocation

Option A : Valuation Option B : Valuation and allocation Option C : Allocation Option D : Appropriation Correct Answer : Allocation Read more

✅ A. Compensation paid to Directors on termination of their services

Option A : Compensation paid to Directors on termination of their services Option B : Expenditure incurred in connection with the renewal of a Trade Mark. Option C : Gratuities paid to Directors on termination of their services. Option D : Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines. Correct Answer : Compensation… Read more

✅ B. At the time of closing the accounts

Option A : At the time of opening new books of account Option B : At the time of closing the accounts Option C : During the course of accounting period any time Option D : After certification of accounts Correct Answer : At the time of closing the accounts Read more