Correct Answer : D
Explanation :
Explanation :
All of the above
Correct Answered :
Wrong Answered :
A
Errors of Principle
B
Errors of omission
C
Compensating Errors
D
All of the above
All of the above
Correct Answered :
Wrong Answered :
A
To check the arithmetical accuracy of the recorded transactions
B
To ascertain the balance of any ledger account
C
To facilitate the preparation of final accounts promptly
D
All of the above.
All of the above.
Correct Answered :
Wrong Answered :
A
only in Profit & Loss Account
B
only in Balance Sheet.
C
both in Profit & Loss Account and in Balance Sheet.
D
not in Both in Profit & Loss Account and in Balance Sheet.
Prepaid expenses are expenses which have been paid in advance and not yet used. Prepaid insurance is the part of insurance which is already paid but the time period for use is not expired till the date of balance sheet. It is a part of current asset which has not been used. Thus it is written on the asset side of balance sheet until it is utilised.
Correct Answered :
Wrong Answered :