Accounting - Study Mode
[#2351] On 1 st June 2018, a partner introduced an additional capital Rs. 50,000 in the firm. In the absence of a part nership deed, on 31 st March 2019, he will receive an interest of
Correct Answer
(B) Zero
[#2352] Amount spent on advertisement campaign, the benefit of which is likely to last for at least three years, is OR Rs. 1,00,000 spent on special advertising compaign will be:
Correct Answer
(C) Deferred revenue expenditure
[#2353] Realisation concept would apply when:
Correct Answer
(B) Goods are delivered to customer
[#2354] Commercial accounting is based on
Correct Answer
(B) Double entry book keeping
Explanation
Solution: Commercial accounting is based on Double entry book keeping. Commercial accounting is something about providing right informatin to right people on right time. In commercial accounting, the system is maintained by the business organizations. The main objective of commercial accounting is to know the profit or loss and the financial position of any business.
[#2355] An asset that is NOT physical in nature is called
Correct Answer
(A) Intangible asset
Explanation
Solution: An asset that is NOT physical in nature is called Intangible asset. An intangible asset is an asset that is not physical in nature. Goodwill, brand recognition and intellectual property, such as patents, trademarks, and copyrights, are all intangible assets.