The account which is never closed is called: MCQ with Answer and Explanation
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Question #1
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In a partnership, interest on capital is allowed only when:
Correct Answer: Option A
Explanation:
Interest on capital is payable only if the partnership deed so provides, and only out of profits.
Interest on capital is payable only if the partnership deed so provides, and only out of profits.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In Trading Account, closing stock is valued at:
Correct Answer: Option A
Explanation:
As per the prudence concept and AS 2, closing stock is valued at cost or net realizable value, whichever is lower.
As per the prudence concept and AS 2, closing stock is valued at cost or net realizable value, whichever is lower.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Equalisation Levy 2.0' at 2% applies to:
Correct Answer: Option D
Explanation:
Finance Act 2020 expanded equalisation levy to e-commerce operators at 2%.
Finance Act 2020 expanded equalisation levy to e-commerce operators at 2%.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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