1551. A payment is a capital in nature, when :

A. It is incurred in order to lower the tax burden.
B. It arised due to abnormal reasons
C. It relates to capital expenditure *

1552. A payment is a revenue in nature, when :

A. It arises due to normal reason
B. It relates of capital losses
C. It relates to capital expenditure
D. It relates to revenue expenditure *

1553. Errors usually occur in the books of accounts can broadly be divided into :

A. One class
B. Two classes *
C. Three classes
D. Four classes

1554. Errors which are made in original documents, originally entry books and in the posting from the original entry books into the ledger are regarded as :

A. Book-keeping errors *
B. Trial balance errors
C. Error of final accounts
D. None of these

1555. If a transaction has been completely omitted from the original books of accounts , it will be consider , as :

A. Error of commission
B. Error of Omission *
C. Error of principal
D. Compensation error

1556. Error of commission arises when :

A. Any transaction is recorded incorrectly, either entirely or partially *
B. Any transaction is left out
C. Any transaction is recorded fundamentally incorrectly
D. Any transaction affect one account

1557. Errors in additions and carry-forwards in books of original entry, is regarded as :

A. Error of omission
B. Error of principal
C. Compensation errors
D. Error of commission *

1558. Error of principal arises when :

A. A transaction is recorded incorrectly, either entirely or in part.
B. A transaction is left out.
C. A transaction is recorded fundamentally incorrectly *
D. Any transaction affect one account

1559. Error due to wrong allocation, as expenditure between capital and revenue is regarded as :

A. Error of omission
B. Error of principle *
C. Compensation errors
D. Error of commission

1560. The errors in which amount have occured on the opposite sides of two or more accounts and have concealed themselves in the net result are :

A. Error of posting *
B. Error of Principle
C. Error of omission
D. Error of commission