Accounting - Study Mode
[#1496] Permanent working capital is generally financed through
Correct Answer
(A) Long term Capital Funds
[#1497] Arrange the following items in the order of their appearance in the preparation of financial statements. 1. Net profit 2. Gross profit 3. Cash at bank
Correct Answer
(C) 2, 1, 3
[#1498] At the time of retirement of a partner, the existing profit and loss balance is transferred to which account?
Correct Answer
(D) Existing partners capital
[#1499] According to which of the following accounting concepts, the owner of the business is also considered a creditor to the extent of the capital?
Correct Answer
(D) Business entity concept
[#1500] Which of the following will result in flow of funds:
Correct Answer
(C) Purchase of furniture