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 Assets refers to things which have future economic value and bank overdraft is the amount withdrawn in excess of the amount deposited in bank.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.

Explanation

Revenue is income, especially when of an organization and of a substantial nature.

Explanation

Returns inwards are goods returned to the selling entity by the customer, such as for warranty claims or outright returns of goods for a credit. For the customer, this results in the following accounting transaction: A debit (reduction) of accounts payable. A credit (reduction) of purchased inventory.

Explanation

Larger number of manager subordinates and higher level manager are termed as broader responsibility center.