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Correct answer
A. 2,40,000
Explanation
2,40,000 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
Explanation
B. Buildings account debited with an amount towards repairs is an error of principle. Error of principle is a wrong classification of expenditure or receipt.
Correct answer
C. Assets accounts
Explanation
Assets accounts is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Both B. and C. above
Explanation
Outstanding salaries is the expense relating to the current accounting period but has not been paid yet and therefore, it is a current liability.
Correct answer
B. Capital
Explanation
Capital is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Installation charges paid in conjunction with the purchase of Office Equipment
Explanation
A capital expenditure is a non- recurring expenditure whose benefit lasts for more than one accounting period. Installation charges paid in conjunction with the purchase of office equipment is an one-time expenditure whose benefit lasts for more than one accounting period.
Correct answer
C. Arithmetic accuracy
Explanation
Arithmetic accuracy is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. Cash at bank
Explanation
Cash at bank is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Cash sales and purchases
Explanation
Cash sales and purchases is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. 24.00
Explanation
24.00 is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.