Explanation

Explanation

Debit increases the capital account balance statements is incorrect regarding capital account. It decreases the capital account balance.

Explanation

Identifying an economic event or transaction is the first phase of accounting cycle, which includes any transaction involving the use or exchange of a company's assets.

Explanation

Credit note is the basis for recording a transaction in Sales return journal. A credit note or credit memo is a commercial document issued by a seller to a buyer.

Explanation

When error has committed while posting, its called an error of commission.

Sales of Rs.50000 to A is entered as sales to B, its an error of commission. There will be no affect on trial balance due to this. 

Explanation

Fixed Assets are items that have a life span of one year or longer.