With respect to the double account system, which one of the following statements is incorrect?

Question

Economics · Accounting

Verified Solution4 OptionsUpdated: October 2026👁️1 View

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Correct answer

Discount and premium are permanently treated as revenue items.

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Answer 1

Depreciation is not deducted from the related asset but is shown as a liability through a fund.

Answer 2

Discount and premium are permanently treated as revenue items.

Answer 3

Debentures, shares, and stocks are considered as capital goods.

Answer 4

Normally, no adjustment is made to the asset in the capital account.

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