Match List-I with List-II and select the correct answer using the options given below the list:
| List-I | List-II |
| a. Compensating errors | 1. Not recording a business transaction |
| b. Errors of omission | 2. Charging a Revenue item to capital |
| c. Errors of principle | 3. Writing a debit item on the credit side and a credit item on the debit side of equal amount |
| d. Errors of commission | 4. Posting a correct amount to a wrong account |
A. a-3, b-1, c-4, d-2
B. a-2, b-1, c-4, d-3
C. a-3, b-1, c-2, d-4
D. a-2, b-1, c-3, d-4
Answer: Option C
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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