Accounting - Study Mode

[#766] Dividend may be declared out of . . . . . . . .
Correct Answer

(D) All of these

[#767] Debit means:
Correct Answer

(C) An entry on the left hand side of an account

[#768] Fictitious assets are shown on the asset side of the balance sheet of a company under the heading . . . . . . . .
Correct Answer

(A) fixed asset

[#769] If there is mutual indebtedness between the transferor company and the transferee company in business combination, which of the following is correct?
Correct Answer

(A) No adjustment is required in the books of the transferor company

[#770] A, B and C are partners in a firm sharing profits and losses in the ratio of 4 : 3 : 2. They agreed to take D into partnership and gave him $$frac{1}{8}$$ share. What will be their new profit sharing ratio?
Correct Answer

(B) 28 : 21 : 14 : 9