Accounting - Study Mode
[#761] Which of the following fictitious assets is not taken over by the transferee company?
Correct Answer
(D) All of these
[#762] Bonus payable on maturity of the policy is termed as:
Correct Answer
(C) reversionary bonus
[#763] Profit under single entry system of Book Keeping means:
Correct Answer
(B) the difference between opening net assets and closing net assets as increased by drawings and reduced by new capital introduced
[#764] In the case of a sole proprietorship, Assets in Balance sheet items are conveniently shown in:
Correct Answer
(B) Order of liquidity
[#765] When debentures are redeemed out of profits, an equal amount is transferred to . . . . . . . .
Correct Answer
(D) debenture redemption reserve