One of the following statements is wrong. Find out that Wrong statement.
A. In a contract of guarantee the liability of the surety is primary
B. In a contract of indemnity only there is one contract
C. In a contract of guarantee there is an existing debt
D. In a contract of indemnity the indemnifier can sure upon only the indemnity holder
E. In a contract of guarantee the surety after the discharge of dept proceed against the principal debtor
Answer: Option A
This Question Belongs to Commerce >> Miscellaneous In Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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