S1: Revaluation Account is prepared at the time of admission of a partner. S2: Revaluation Account is prepared at the time of retirement of a partner. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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The 'Profit & Loss Account' begins with:
Correct Answer: Option C
Explanation:
Gross profit is transferred to the credit side of P&L Account; gross loss to debit side.
Gross profit is transferred to the credit side of P&L Account; gross loss to debit side.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under 'Ind AS 116', a lease is classified as a finance lease if:
Correct Answer: Option C
Explanation:
Under Ind AS 116, there is no classification for lessees; all leases are treated as finance leases (right-of-use asset and lease liability). For lessors, classification remains.
Under Ind AS 116, there is no classification for lessees; all leases are treated as finance leases (right-of-use asset and lease liability). For lessors, classification remains.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The time value of money concept is a core element in which financial management decision?
Correct Answer: Option D
Explanation:
Capital budgeting techniques like Net Present Value (NPV) discount future cash flows, fundamentally relying on the time value of money.
Capital budgeting techniques like Net Present Value (NPV) discount future cash flows, fundamentally relying on the time value of money.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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