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Correct answer
D. Outstanding checks
Explanation
Outstanding checks is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Only (ii) above
Explanation
Only (ii) above is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Nominal accounts
Explanation
Nominal accounts is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Debts included in Sundry Debtors which are doubtful in nature
Explanation
A contingent liability is the loss which will be known or determined only on the occurrence or non- occurrence of one or more future uncertain events. Debts of debtors is not an uncertain event but only the realization of a part of the debt in doubtful for which provision must be provided and hence it is not a contingent liability. Items in other alternatives uncalled liability on partly paid shares B. may be called up in the event of necessity, claims against the company not acknowledged as debts (c ) they may or may not turn out to be debts in future. Arrears of cumulative fixed dividend D. are contingent liabilities.
Correct answer
A. 2,10
Explanation
2,10 is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. 10,000 units
Explanation
10,000 units is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Profit and Loss A/c
Explanation
Profit and Loss A/c is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. 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
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Explanation
Errors of casting can appear in any account and not personal accounts alone. Hence statements A. is false. Omission of a transaction from subsidiary affects two accounts are subsidiary books are books of original entry hence posting in two accounts is omitted. Statement B. is false. Error of carry forward affects only one account i.e., the account in whose an error has been made. Statement C. is false. Errors of principle involve incorrect allocation of an item between capital and revenue. Hence statement D. is true.
Correct answer
C. Assets column
Explanation
Assets column is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.