Accounting - Study Mode
[#966] The accounts that are related with income expenditure, profit and loss are called
Correct Answer
(B) Nominal account
[#967] Match List-I with List-II (subject) and select the correct answer: List-I List-II a. Preliminary expenses 1. Revenue expenditure b. Interest on loan for business 2. Revenue receipts c. Life subscription 3. Deferred revenue expenditure d. Interest on bank deposits 4. Capital Receipts
Correct Answer
(B) a-3, b-1, c-4, d-2
[#968] In case of dissolution of the partnership, if a partner's capital account shows a debit balance and he subsequently turns out to be insolvent, what will be the accounting treatment? (Consider the case laws)
Correct Answer
(A) The loss has to be borne in the capital ratio by the solvent partners
[#969] Which of the following term is used to describe the process of writing down the long term investments in intangible assets:
Correct Answer
(A) Amortisation
[#970] A company may issue, at a discount share in the company of a class already issued if:
Correct Answer
(D) All the above conditions are fulfilled