Error which affect only one account can be
A. Error of complete omission
B. Error of posting
C. Compensatory errors
D. None of the above
Answer: Option B
Solution(By Examveda Team)
Error which affect only one account can be Error of posting. An error in which amount is posted to the wrong side of the same account is known as error of posting. For example, goods sold to X wrongly credited to his account.This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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