The 'Minor' in a partnership can be admitted: MCQ with Answer and Explanation
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Question #1
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Net loss for a period is ultimately adjusted against:
Correct Answer: Option C
Explanation:
Net loss reduces owner's equity/capital.
Net loss reduces owner's equity/capital.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A system where accounting data is stored on remote servers accessed via the internet is termed as:
Correct Answer: Option C
Explanation:
Cloud accounting allows real-time multi-user access to financial data hosted securely on external servers rather than local hard drives.
Cloud accounting allows real-time multi-user access to financial data hosted securely on external servers rather than local hard drives.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under GST, the term 'mixed supply' refers to:
Correct Answer: Option B
Explanation:
Mixed supply means two or more individual supplies of goods or services made in conjunction for a single price, where each item can be supplied separately.
Mixed supply means two or more individual supplies of goods or services made in conjunction for a single price, where each item can be supplied separately.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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