S1: In the absence of a partnership deed, a partner is entitled to a salary for participating in management. S2: In the absence of a partnership deed, interest on partner's loan is allowed at 6% p.a. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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Under the Companies Act 2013, the 'National Company Law Appellate Tribunal' (NCLAT) hears appeals against the orders of:
Correct Answer: Option A
Explanation:
The NCLAT is the appellate authority that hears appeals against the orders passed by the National Company Law Tribunal (NCLT) under the Companies Act 2013.
The NCLAT is the appellate authority that hears appeals against the orders passed by the National Company Law Tribunal (NCLT) under the Companies Act 2013.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under AS 12, government grants related to depreciable assets are generally:
Correct Answer: Option A
Explanation:
AS 12 permits either reducing the cost of asset or treating grant as deferred income.
AS 12 permits either reducing the cost of asset or treating grant as deferred income.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Asset Ceiling' in defined benefit plans under Ind AS 19 refers to:
Correct Answer: Option C
Explanation:
Ind AS 19 restricts the recognised asset to the economic benefits available.
Ind AS 19 restricts the recognised asset to the economic benefits available.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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