Which one of the following error will affect the agreement of the trial balance?
A. A sale of Rs. 20 to Ram entered in the sales book as Rs. 200
B. Purchase of Rs. 500 credited to Ram instead of Shyam
C. Sale returns of Rs. 1000 correctly entered in the sales returns book but posted to the debit of Sundar
D. Cash sale of furniture credited to sales account
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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