Accounting - Study Mode
[#1446] On the admission of a new partner, the increases in the value of an asset is credited to
Correct Answer
(D) Revaluation Account
[#1447] All equity shareholder are
Correct Answer
(B) Owners of the company
[#1448] Consider the following statement, while preparing annual financial statements, the balance of bills receivable account can be treated as- I. an accrued income II. an item of assets III. a "personal account" balance Of these statement:
Correct Answer
(A) II and III are correct
[#1449] 'Bank over draft' should be classified as:
Correct Answer
(B) Current liability
[#1450] Error of commission do not allow . . . . . . . .
Correct Answer
(C) the trial balance to agree