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Question #1
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Which of the following is a feature of a cooperative society?
Correct Answer: Option A
Explanation:
A cooperative society is a voluntary association of persons who join together with a service motive rather than profit, and it is managed democratically.
A cooperative society is a voluntary association of persons who join together with a service motive rather than profit, and it is managed democratically.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is a feature of a limited liability partnership (LLP)?
Correct Answer: Option C
Explanation:
An LLP is a separate legal entity distinct from its partners, and it enjoys perpetual succession, governed by the LLP Act, 2008.
An LLP is a separate legal entity distinct from its partners, and it enjoys perpetual succession, governed by the LLP Act, 2008.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which accounting principle mandates that a business will continue its operations indefinitely?
Correct Answer: Option C
Explanation:
The Going Concern Concept assumes the enterprise has neither the intention nor the need to liquidate or curtail materially the scale of its operations.
The Going Concern Concept assumes the enterprise has neither the intention nor the need to liquidate or curtail materially the scale of its operations.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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