Accounting - Study Mode

[#1871] _______ is the gross inflow of economic benefits
Correct Answer

(C) Income

Explanation

Solution: Income is the gross inflow of economic benefits during the period arising from the course of the ordinary activities of an entity when those inflows result in increases in equity, other than increases relating to contributions from equity participants.

[#1872] If an entity owns directly or indirectly more than 50% of voting rights, control is presumed unless clearly proven that it is not control. Sometimes control exists, even if there is less than 50% of voting rightes exist. State which of the followings is/are example(s) of control even if voting power is less than 50%
Correct Answer

(D) All of the above

[#1873] By which of the following the working capital will not change?
Correct Answer

(A) Cash purchase of goods

[#1874] Which of the following is transferable merely by delivery:
Correct Answer

(C) a share warrant

[#1875] In case of a retirement of a partner total amount of goodwill is credited to:
Correct Answer

(C) All partner capital account