The 'Final Dividend' is recommended by: MCQ with Answer and Explanation
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Question #1
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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?
Correct Answer: Option A
Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The term 'IFRS' stands for:
Correct Answer: Option D
Explanation:
IFRS stands for International Financial Reporting Standards, issued by IASB.
IFRS stands for International Financial Reporting Standards, issued by IASB.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Penalty' for under-reporting of income is:
Correct Answer: Option B
Explanation:
Penalty for under-reporting is 50% of tax on under-reported income; for misreporting, 200%.
Penalty for under-reporting is 50% of tax on under-reported income; for misreporting, 200%.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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