Accounting - Study Mode
[#331] Upon dissolution, which is the proper order for application of the firm's assets? 1. Payment of partner's loan. 2. In paying, the debts of the firm to third partiy. 3. Distribution of surplus to partners in profit sharing ratio. 4. Payment of partners capital. Select the correct answer:
Correct Answer
(C) 2, 1, 3 and 4
[#332] Amount spent on increasing the seating capacity of a cinema hall is called
Correct Answer
(C) Capital expenditure
[#333] When the Debt Turnover Ratio is 4, what is the average collection period?
Correct Answer
(C) 3 months
[#334] Which of the following is not a features of the Hire Purchase System?
Correct Answer
(D) Ownership is transferred immediately
[#335] The written agreement between the partners to form a partnership is called
Correct Answer
(D) Partnership Deed