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Correct answer
C. Cash account
Explanation
Cash account is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Payments
Explanation
Payments is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Director‘s remuneration
Explanation
Director‘s remuneration shall not be deducted from net profit while calculating managerial remuneration
Correct answer
C. Understatement of Assets
Explanation
The concept of conservatism will have the effect of understatement of assets since the financial statements are usually drawn up on rather a conservative basis. Window-dressing i.e., showing a position better than what it is, is not permitted.
Correct answer
D. Ledger
Explanation
Ledger is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Payments
Explanation
Payments is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Discount
Explanation
Discount is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Accountant of business
Explanation
Accountant of business is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Decrease net income
Explanation
Decrease net income is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Petty cash book
Explanation
Petty cash book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.