The primary purpose of preparing a Profit and Loss Account is to find out: MCQ with Answer and Explanation
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Question #1
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An unregistered partnership firm:
Correct Answer: Option C
Explanation:
An unregistered firm faces disabilities like not being able to enforce its rights in court.
An unregistered firm faces disabilities like not being able to enforce its rights in court.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Standard Deduction' for salaried individuals under the new tax regime is:
Correct Answer: Option A
Explanation:
Finance Act 2024 increased standard deduction to ₹75,000 under new regime.
Finance Act 2024 increased standard deduction to ₹75,000 under new regime.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A: A current ratio of 2:1 is generally considered ideal. R: It indicates that current assets are twice the current liabilities, ensuring good short-term liquidity. Choose the correct option.
Correct Answer: Option C
Explanation:
A current ratio of 2:1 is a standard benchmark for short-term solvency. It means the firm has double the current assets to cover its current liabilities, providing a safety margin. R correctly explains A.
A current ratio of 2:1 is a standard benchmark for short-term solvency. It means the firm has double the current assets to cover its current liabilities, providing a safety margin. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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