Accounting - Study Mode
[#666] Share can be issued at a discount only after . . . . . . . . year from the commencement of business.
Correct Answer
(A) shares can not be issued at discount
[#667] Consider the following statements. 1. The entity concept of accounting is not applicable to sole trading concerns and partnership concerns. 2. Assets are to be shown in the balance sheet at their replacement cost on liquidation. 3. Money measurement concept takes into account changes in the value of monetary unit. 4. When a creditor is paid, this results in decrease of one asset and a corresponding increase in other asset. Which of the statements given above are correct?
Correct Answer
(D) None of the above
[#668] Which of the following statement about a minor partner is incorrect?
Correct Answer
(D) Minor can be a full-fledged partner in a firm
[#669] According to revised accounting standard-3, the purchase of fixed assets is considered
Correct Answer
(B) Investing activity
[#670] Registration of Partnership firm is . . . . . . . . .
Correct Answer
(D) Optional