Explanation

Preceding working day the bill will mature if the date of maturity of a bill is a holiday, where the date of maturity is a public holiday, the instrument will become due on the preceding business day.

Explanation

Reserve Capital is defined as a part of subscribed uncalled capital, which will not be called up until and unless the company goes into liquidation.

Explanation

Petty cash book is used to record the day to day small value transactions.

Balance lying in petty cash book is as good as cash balance.

Cash is an asset for the business.

Explanation

Compensatory errors cannot be revealed on the preparation of trial balance.

Compensating Errors are error on the debit side and is compensated by an error of equal amount on the credit side.

Explanation

Explanation

Conservation concept states that "an accountant shouldn't anticipate profit, but must provide for all losses". The concept that an accountant shouldn't anticipate profit, but must provide for all losses is known as The conservatism concept.

Explanation

In master budgeting, cost drivers for manufacturing overhead costs are direct manufacturing labour-hours and setup labour-hours.

Explanation

A company, is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. 

Explanation

 Assets refers to things which have future economic value and bank overdraft is the amount withdrawn in excess of the amount deposited in bank. So, inflow of economic benefits is referred to as Income.

Explanation

Equity as a degree of residual ownership in a firm or asset after subtracting all debts associated with that asset.

Equity represents the shareholders' stake in the company, identified on a company's balance sheet.