Which of the following statements is/are correct? I. Balance sheet is the best tools to show the financial health of a business. II. Profit and loss accounts considered as the tool to measure net worth of business. Select the correct answer using the codes given below.

Which of the following statements is/are correct? I. Balance sheet is

1.	Which of the following statements is/are correct? I. Balance sheet is the best tools to show the financial health of a business. II. Profit and loss accounts considered as the tool to measure net worth of business. Select the correct answer using the codes given below.
A.	Only I
B.	Only II
C.	Both I and II
D.	None of these
Answer» B. Only II

Discussion

No Comment Found

Related MCQs

Match the following List I List II A. Reserves must be transferred in the .. 1. Goodwill B. A firm is dissolved, when the business of the firm is declared....... 2. Interest on loan C. ......should be compulsory revalued at the time of admission. 3. Old profit sharing ratio D. In the absence of an agreement partners are entitled to. 4. Illegal Codes
Match the following List I List II A. Interest on partners capital is chargeable to the extent of available. 1. Competing B. The amount due to the retiring partner can be made by...... payment method. 2. Mutual C. A partner must not carry on a ...... business. 3. Profit D. Partners are mutual......for each other. 4. Lump-sum Codes
Match the following List I List II A. A new partner can be admitted with the consent of...... existing partners. 1. Current B. Increase in liability at the time of retirement is debited to ......account. 2. All C. Buying and selling is ......power of partners 3. Revaluation D. The ...... account of partner may have a debit or credit balance. 4. Implied Codes
Match the following List I List II A. At the beginning of each month 1. 5 and 1/2 month B. At the end of each month 2. 6 and 1/2 month C. At the beginning of each quarter 3. 4 and 1/2 month D. At the end of each quarter 4. 7 and 1/2 month Codes
When two or more existing companies go into liquidation and a new company is formed to take over their business, it is known as
A and B are partners in a firm sharing profits and losses in the ratio of 3: 2. A new partner C is admitted. A surrenders 1/5th share of his profit in favour of C and B surrenders 2/5th of his share in favour of C. Their new profit sharing ratio is
The net profit shown by profit and loss account is transferred to
If the partnership deed is silent on a certain point, the rules as contained in Section ......to.....of the Indian Partnership Act, 1932 apply.
The minimum number of partners to constitute a partnership firm must be
Only a notice of this effect is sufficient for dissolution of the partnership if

Which of the following statements is/are correct? I. Balance sheet is the best tools to show the financial health of a business. II. Profit and loss accounts considered as the tool to measure net worth of business. Select the correct answer using the codes given below.

Discussion

No Comment Found

Related MCQs

Reply to Comment