Accounting - Study Mode
[#2026] The International Accounting Standard-2 lays down guide lines for inventory valuation and presentation. Which one of the following is not true as per these standards:
Correct Answer
(D) The basis and policy of valuation of inventory should not clearly be stated
[#2027] When the cost incurred on recruiting, training and developing the employees is considered for determining the value of employees, it is called
Correct Answer
(B) the historical cost approach
[#2028] The amount of minimum rent is determined on which of the following basis ?
Correct Answer
(C) Time or Area
[#2029] Raja and Ram are partners sharing profits in ratio 3 : 1. Ashok is admitted for $${frac{1}{4}^{{ ext{th}}}}$$ share in profits. New profit sharing ratio between Raja, Ram and Ashok is?
Correct Answer
(A) 9 : 3 : 4
[#2030] A bill of exchange is drawn by a:
Correct Answer
(A) Creditor