When a transaction is completely left out from the books, it is an error of
Commission
Omission
Principle
Compensation
Correct answer is B
No explanation has been provided for this answer.
Which of the following is not recorded in a partnership appropriation account?
Interest on capital
Partners drawings
Share of profit
Interest on drawings
Correct answer is B
No explanation has been provided for this answer.
The reduction in value of goodwill is
Amortization
Appreciation
Depletion
Depreciation
Correct answer is A
No explanation has been provided for this answer.
Another name for owner's equity is
Loan
Debtors
Capital
Overdraft
Correct answer is C
No explanation has been provided for this answer.
Expenses accured at the end of the accounting year is treated in the balance sheets as
Current assets
Current liability
Fixed assets
Long-term liability
Correct answer is B
No explanation has been provided for this answer.