Accounting - Study Mode
[#246] The amount spent to increase the earning capacity of a business is:
Correct Answer
(D) Capital expenditure
[#247] When any partner retires and the remaining partners carry on the business with the firm's property without any final settlements of accounts the outgoing partner is entitled to:
Correct Answer
(C) Interest at mutually agreed rate
[#248] Where is the depreciation account appearing in the trial balance is shown?
Correct Answer
(C) Deducted from the concerned assets
[#249] Match the following: List-I List-II a. Partnership can be formed for the purpose of carrying . . . . . . . . 1. incoming partner b. Guaranteed profit is generally given to . . . . . . . . 2. business c. Every partner is a joint . . . . . . . . of the partnership property. 3. nominal d. Partners, who do not contribute any capital and have no interest in the business are known as . . . . . . . . partners. 4. owner
Correct Answer
(A) a-2, b-1, c-4, d-3
[#250] Capital of Business is:
Correct Answer
(C) A Liability