5. Capital account balance is a
balance.
6. Give an example for error of commission
7. Closing stock is value or
a) Cost price
b) Market price
c) Sales price
dost price or Market price whichever is lower
8. State any one adjustment.
9. Give the meaning of incomplete Records,
10.
Answers
Answer:
5- Capital Balance means in respect of a Loan at any date the principal balance of that Loan to which the Servicer applies the relevant interest rate and on which interest on the Loan accrues.
6-An error of commission occurs when an amount is entered right and in the correct account but the value is wrong–i.e. it's subtracted instead of added or vice versa. For example, a payment is applied to the wrong invoice. The amount owing by the client will still be correct in the trial balance, obscuring the mistake.
7-a - Closing stock is the goods that remain unsold at the end of the year. It is valued at Cost price or Realisable Value, whichever is less.
B- Closing stock is always valued at cost price or market price which ever is less. It is based on the principle of Conservatism. According to this, all anticipated losses should be recorded in the books of accounts and all the anticipated gains should be ignored.
8- In psychology, adjustment refers to the behavioural process of balancing conflicting needs, or needs against obstacles in the environment. Humans and animals regularly do this. Adjustment occurs when there is an inability to make a normal adjustment to some need or stress in the environment
9- The features of incomplete records are as under : (a) It is an unsystematic method of recording transactions. (b) Generally, records for cash transactions and personal accounts are properly maintained and there is no information regarding revenue and/ or gains, expenses and/or losses, assets and liabilities.
Explanation:
Marks as brainlist.
Answer:
Marks as brainlist first