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Commerce Accounting Difficulty: Medium

Match the items of List-I with items of List-II and choose the correct answer. List-I List-II a. Income elasticity less than unity 1. Competitive goods b. Cross elasticity less than unity 2. Inferior goods c. Cross elasticity less than zero 3. Superior goods d. Income elasticity less than zero 4. Complementary goods Basic objective of cost accounting is ________ Contractual rights and duties are created by An auditor is a watchdog but not a bloodhound. This statement has been given in decision of which case? Prepaid expenses are considered as