- (A) Current asset
- (B) intangible asset
- (C) Tangible asset
- (D) Liquid asset
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- (A) Profit
- (B) Income
- (C) Expense
- (D) Drawing
- (A) Expense
- (B) Liability
- (C) Assets
- (D) All of them
- (A) Arithmetic accuracy
- (B) Errors of commission
- (C) Omissions of economic events
- (D) Understatements of balances
- (A) Complete omission of a transaction
- (B) Partial omission of a transaction
- (C) Error of principle
- (D) Compensating errors
- (A) Frequently during the year
- (B) At the end of an accounting period
- (C) At the end of a month
- (D) At the end of a year
- (A) No error in recording transactions
- (B) No error in posting entries to ledger accounts
- (C) Account balances are correct
- (D) Mathematically Capital+Liabilities=Assets
- (A) It lists down the balances of accounts
- (B) It lists down the balances of a balance sheet
- (C) It is a kind of financial statement
- (D) It is not a part of accounting cycle
- (A) Ledger accounts
- (B) General Journal
- (C) Specialized journals
- (D) Balance sheet
- (A) Yes
- (B) No
- (C) Transactions can’t be omitted
- (D) none of these
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