An amount of Rs 5,000 received from Mohan was incorrectly credited to Sohan's account. This is an example of: MCQ with Answer and Explanation
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Question #1
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The 'Minor' in a partnership can be admitted:
Correct Answer: Option D
Explanation:
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Public Account' of India includes:
Correct Answer: Option D
Explanation:
Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.
Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: Vouching is the examination of documentary evidence. S2: Verification is the proof of ownership, existence, and valuation of assets. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
Vouching involves checking vouchers to verify the authenticity of transactions. Verification goes beyond vouching to confirm the physical existence, legal ownership, and proper valuation of assets and liabilities at the balance sheet date. Both are correct.
Vouching involves checking vouchers to verify the authenticity of transactions. Verification goes beyond vouching to confirm the physical existence, legal ownership, and proper valuation of assets and liabilities at the balance sheet date. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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