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When a purchase of a laptop for office use is wrongly debited to the Purchase Account, it is an error of principle. This type of error occurs when a transaction is recorded in the correct class of accounts but under the wrong category within that class. In this case, the error involves a violation of the accounting principle or concept because an expense (office use) has been incorrectly recorded as a purchase.
Under the Motor Vehicles Act, where must the owner of a motor vehicle get the vehicle registered?
Under the Motor Vehicles Act, what is prohibited regarding the speed of a motor vehicle in a public place?
How should a payment be applied when neither party specifies the appropriation?
Under the provisions of the Motor Vehicles Act, when can a driving licence be renewed, and from when will it be effective?
As per the Motor Vehicles Act, what does the term "golden hour" refer to?