List of practice Questions

Amount realised from sales of assets, on dissolution of firm is recorded in:

When a partner takes responsibility to make payment of any outside liability of the firm, the account credited will be:

Unrecorded liabilities when paid are shown in:

If at the time of dissolution nothing is said about liabilities, then:

On dissolution of the firm, Partners’ Capital Accounts are closed through:

The term ‘Financial Statement’ includes:

The form of Balance Sheet as per Companies Act, 2013 is:

Financial Statement is:

Patents and copyrights fall under which category?

On death of a partner, the firm gets for joint life policy taken for all partners:

On the death of a partner, final payment is made through:

When is the partner’s executor account opened?

Legal expenses are recorded in which side of Realisation A/c?

At the time of dissolution of firm, book value of assets is recorded in which side of Realisation Account?

The balance of ‘Sinking Fund Account’ after the redemption of debentures is transferred to:

When debentures are issued at par and are redeemable at a premium, the loss on such an issue is debited to:

Method(s) of redemption of debenture is/are:

Sale of marketable securities will be shown under:

Provision for Tax is:

An annual report is issued by a company for:

What do you understand by superprofit?

General Reserve Account always shows:

Revaluation Account is a

Excess of credit side over the debit side in Revaluation Account is called:

Equal profit ratio of three partners is: