The 'Return Inward Book' is also known as: MCQ with Answer and Explanation
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Question #1
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In partnership, the 'Gaining Ratio' is calculated during:
Correct Answer: Option D
Explanation:
The gaining ratio is the ratio in which the continuing partners acquire the share of the retiring or deceased partner.
The gaining ratio is the ratio in which the continuing partners acquire the share of the retiring or deceased partner.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Under the Indian Companies Act, 2013, financial statements include:
Correct Answer: Option A
Explanation:
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
As per Companies Act 2013, financial statements comprise balance sheet, profit and loss account, cash flow statement, statement of changes in equity and any explanatory notes.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the Trading Account, 'Consumable Stores' used in production are:
Correct Answer: Option C
Explanation:
Consumable stores are direct materials, so they are debited to Trading Account.
Consumable stores are direct materials, so they are debited to Trading Account.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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