Accounting - Study Mode

[#811] Business means
Correct Answer

(B) Industry and commerce

[#812] Which of the following is not a capital gain:
Correct Answer

(D) Compensation received on the termination of a contract

[#813] A and B are partners in a firm sharing profit and loss in the ratio of 3 : 2. They admit C into partnership for $${frac{1}{4}^{{ ext{th}}}}$$ share and the new ratio between A and B is 2 : 1. The sacrificing ratio is
Correct Answer

(D) 2 : 3

[#814] Profit sharing ratio of A, B and C is $$frac{1}{2},,frac{3}{{10}}$$ xa0 and $$frac{1}{5}$$ respectively C dies. What will be profit haring ratio between A and B?
Correct Answer

(D) 5 : 3

[#815] The application of the concept of conservatism in accounting:
Correct Answer

(B) requires the accountant not to anticipate profits, but to provide for all possible losses