If a partner retires, the balance in his capital account is either paid off or transferred to his: MCQ with Answer and Explanation
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Question #1
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The 'Taxpayer's Charter' under Income Tax assures:
Correct Answer: Option B
Explanation:
The charter enumerates rights of taxpayers and obligations of the tax department.
The charter enumerates rights of taxpayers and obligations of the tax department.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A 'Endowment Fund' received by a non-profit organisation is treated as:
Correct Answer: Option A
Explanation:
Endowment fund is a capital receipt, usually invested, and only the income is used.
Endowment fund is a capital receipt, usually invested, and only the income is used.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Petty Cash Book' is maintained on the imprest system. If the imprest amount is ₹2,000 and petty expenses are ₹1,400, the reimbursement required is:
Correct Answer: Option D
Explanation:
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
Reimbursement should equal the amount spent, i.e., ₹1,400, to restore the imprest amount.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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