Question

(8)when does accounting error affect profit
[07] what is secret reserve?
{9}How many parties are there in a bill?
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Answer 1

ANSWER :

8. When Error of Omission or Error of Commission is occurred, then this accounting Error affects the Profit.

7. When any reserve is created secretly without disclosing it in the Profit And Loss Appropriation Account and the Liabilities side, then it is known as Secret Reserve.

9. There are three parties in a bill

1. Drawer (The person drawing the bill)
2. Drawee (The person on whom the bill is drawn)
3. Payee (The one who pays the bill)

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