Tag: accounting in business

Questions Related to accounting in business

Rs. 15,000 received from Karan has been credited to Ravan. Which of the following rectification entry is correct?

elements of accounts accounting in business meaning and classification of business transactions develop the understanding of recording of transactions in journal illustrations on journal entries

  1. Raven A/c Dr. 15,000

    To Karen A/c 15,000

  2. Karan A/c Dr. 15,000

    To Raven A/c 15,000

  3. Ravan A/c Dr. 15,000

    To Suspense A/c 15,000

  4. Suspense A/c Dr. 15,000

    To Karan A/c 15,000

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Correct Option: A

Which one of the following is called backbone of auditing?

elements of accounts accounting in business meaning and classification of business transactions develop the understanding of recording of transactions in journal illustrations on journal entries

  1. Routine checking

  2. Vouching

  3. Internal check

  4. Internal control

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Correct Option: B