Question
Sale of Rs.50,000 to ‘A’ was entered as a sale to
‘B’. This is an example of –Solution
An error of commission is a type of accounting error that occurs when an incorrect entry is recorded in the accounting records due to an action taken by someone, such as an accountant or bookkeeper. It refers to a situation where an incorrect transaction is recorded, leading to an overstatement or understatement of the accounts affected by the transaction.
Which of the following will not affect cash flows under indirect method when reconciling profit to net cash from operating activities?
ABC Ltd. follows Ind AS and presents its balance sheet as per Schedule III of the Companies Act. The company receives ₹5 crore from the issue of deben...
Which of the following best explains the purpose of notes to accounts in financial statements?
As per Schedule III of the Companies Act, 2013, "Securities Premium Reserve" is shown under:
XYZ Ltd. classifies bank overdraft under 'Cash and Cash Equivalents' in the balance sheet. The overdraft is repayable on demand and regularly fluctuates...
As per Ind AS 1, comprehensive income includes:
The Division III, inserted in Schedule III of the Companies Act, 2013, prescribes the format for preparation of financial statements of which of the fo...
Which of the following is required to be disclosed in the financial statements about significant accounting judgments and estimates?
Which of the following is a non-current liability?
Select the most appropriate ANTONYM of the given word.
Perilous
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