Accounting - Study Mode
[#2016] Errors of principle arise when . . . . . . . .
Correct Answer
(A) proper distinction is not made between capital and revenue
[#2017] Insurance unexposed account is a . . . . . . . .
Correct Answer
(B) Personal account
[#2018] Consider the following statements: I. In case of the marine insurance, the insurable interest must exist at the time the loss occurs II. In case of fire insurance, insurable interest must exist both at the time of the contract and at the time of loss Which of the statements given above is/are correct?
Correct Answer
(C) Both I and II
[#2019] Debit balance in cash book means:
Correct Answer
(C) credit balance as per pass book
[#2020] Partner by estoppel is a
Correct Answer
(D) Partner under special situation