What are the different types of errors in accounting?
The different types of accounting errors are as follows: Errors of commission Errors of omission Compensating errors Errors of principle... View Article
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What is an error of omission in accounting?
An error of omission occurs when an entry has not been recorded although a transaction has occurred during that period.... View Article
Give one example of complete omission
The example of complete omission can be as follows: Ram has taken a cash amount of Rs.2500 from the business... View Article
Give one example of partial omission
Goods that are returned to the supplier may be recorded as a credit in the purchase returns book, but not... View Article
What are the types of errors of omission?
The types of errors of omission are: Partial omission Complete omission Also read: Errors of Commission Errors of Omission Learn... View Article
What type of account is a capital account?
A capital account is a type of personal account. Also read: Difference Between Fixed Capital Account and Fluctuating Capital Account... View Article
What are the 2 kinds of bookkeeping?
The two kinds of bookkeeping are: Single-entry bookkeeping Double-entry bookkeeping Also read: Difference Between Cost Accounting and Financial Accounting Dual... View Article
What is accounting treatment for capital expenses?
Capital expenses or expenditure is recorded as a fixed asset rather than an expense, it is then charged to expense... View Article
How long is a promissory note valid?
A promissory note is valid for 3 years from the date of its execution. Post this period it will become... View Article
Will a promissory note stand up in court?
A promissory note will be accepted in a court of law only when the signature of the borrower and witness... View Article
Should a promissory note be notarized?
There is no requirement of notarising a promissory note. The only requirement is that it must be signed by the... View Article
What are the types of bank guarantees?
The types of bank guarantees are: Performance guarantee Financial guarantee Also read: Bill of Exchange Difference Between Bill of Exchange... View Article
Is Bank guarantee a bill of exchange?
No, a bank guarantee is not a type of bill of exchange. It is a guarantee that assures that the... View Article
Is a letter of credit a bill of exchange?
A letter of credit is not a bill of exchange, it is different from the bill of exchange as a... View Article
What is the full form of GOI?
GOI stands for Government of India. Also read: MCQs on Indian Economy Learn about more questions and answers on business... View Article
What are the 4 types of bills?
The four (4) types of bill are: Money Bill Finance Bill Ordinary bill Constitutional amendment bills Also read: Bill of... View Article
What is the importance of computers in accounting?
The importance of computers in accounting is as follows: Faster computing: A computer has the ability to calculate faster than... View Article
How are computers used in accounting?
Computers play an important role in computing. It is used by accountants for accessing and keeping records of the business.... View Article
What are the basic elements of accounting?
The basic elements of accounting are: Assets Liabilities Equity Also read: Difference Between Cost Accounting and Financial Accounting Dual Aspect... View Article
What are the types of financial accounting?
The types of financial accounting are: Cash accounting Accrual accounting Also read: Difference Between Cost Accounting and Financial Accounting Dual... View Article
