The maximum number of partners in a banking partnership is: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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'Prepaid Expenses' are shown as:
Correct Answer: Option C
Explanation:
Prepaid expenses represent future benefit, classified as current assets.
Prepaid expenses represent future benefit, classified as current assets.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A: Internal control is a process designed to provide reasonable assurance regarding the achievement of objectives. R: Internal control can guarantee the prevention of all frauds. Choose the correct option.
Correct Answer: Option C
Explanation:
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
Internal control provides *reasonable* assurance, not absolute assurance, regarding operational efficiency, reliable reporting, and compliance. It cannot guarantee the prevention of all frauds due to inherent limitations like collusion or management override. A is true, R is false.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Advance Tax' is payable if tax liability exceeds:
Correct Answer: Option A
Explanation:
Advance tax is required to be paid if the net tax liability is ₹10,000 or more.
Advance tax is required to be paid if the net tax liability is ₹10,000 or more.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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