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Question 1 reset
Old firms must have goodwill account in their books of account.
Question 2 reset
Drawings made by partners are never entered in the profit and loss appropriation account.
Question 3 reset
The share which the new partner is entitled to is called the sacrifice ratio.
Question 4 reset
The additional share in the profits by the continuing partners is called gain ratio.
Question 5 reset
The deceased partner cannot be given share in the profits till his death.
Question 6 reset
The balance sheet represents an expansion of the equations as:
Question 7 reset
Mr. Khan has assets of Rs. 10,000 and liabilities of Rs. 2,000. What would be his capital?
Question 8 reset
Assets will be equal to capital if there are no liabilities of the business.
Question 9 reset
If a firm borrows a sum of money, its capital would be reduced.
Question 10 reset
Depreciation is a part of the operating cost.

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