Accounting - Study Mode

[#501] Cash Equivalent means
Correct Answer

(D) Highly liquid investment

[#502] In case of absence of a partnership deed, what is the rule for charging interest on drawings?
Correct Answer

(A) No interest is charged

[#503] Which of the following statements is/are correct?
Correct Answer

(A) Dual aspect concept assumes an indefinite life of the entity
(E) The main purpose of any business is to earn profit

[#504] On dissolution of a firm, an unrecorded liability is
Correct Answer

(A) Debited to Realization Account

[#505] Which of the following items would be specifically included in the statement of cash flows constructed in compliance with AS-3?
Correct Answer

(C) Operating and non-operating cash flow information