Accounting - Practice Test

(A) Both statements are correct

(B) Both statements are incorrect

(C) Statement I is correct, but statement II is incorrect

(D) Statement I is incorrect, but statement II is correct

(A) Both statements are correct

(A) Capital Reserve Account

(B) General Reserve Account

(C) Sinking Fund Account

(D) Profit and Loss Account

(B) General Reserve Account

(A) Who has a smaller financial interest in the business

(B) Who represents himself as a partner of holding out

(C) Who neither contributes any capital nor takes any active part in the management

(D) A partner who has larger financial interest in the business

Who has a smaller financial interest in the business

(A) Over investment in stock/inventory

(B) Monpoly position

(C) Payment/clearing status/position

(D) Overtrading

(A) Over investment in stock/inventory

(A) Unable to pay his daily expenses

(B) Does not pay his taxes

(C) Takes loan and refuses to pay

(D) Unable to pay his depts

(D) Unable to pay his depts

Accounting - Study Mode