SECTION$-$A

Note: Attempt all the questions. Each question carries $1$ mark.

Q$-1-$ Does the concept of materiality conflict with the full disclosure principle in accounting? Give proper reasons in support of your answer.

Q$-2-$ If the trial balance shows a debit balance of $$60,000$ for Equipment and a credit balance of $$10,000$ for Accumulated Depreciation, what is the net book value of the Equipment?

Q$-3-$ Define Limited Liability Partnerships $($LLP$).$ Does LLP are legally allowed in Canada?

Q$-4-$How errors of principle affect financial statements?

Q$-5-$What is the effect on the balance sheet if a company pays off $$5,000$ of its Accounts Payable? $[1*5=5]$