The term 'Secret Reserves' are created by: MCQ with Answer and Explanation
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Question #1
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In partnership, the 'Goodwill' of the firm represents:
Correct Answer: Option C
Explanation:
Goodwill is an intangible asset that represents the value of the firm's reputation, customer attraction, and brand name.
Goodwill is an intangible asset that represents the value of the firm's reputation, customer attraction, and brand name.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Assertion (A): The Public Financial Management System (PFMS) integrates with the Core Banking Solutions (CBS) of banks. Reason (R): This integration ensures that funds are credited directly to the beneficiary's account, eliminating leakages. Choose the correct option.
Correct Answer: Option B
Explanation:
PFMS integrates with CBS to enable Direct Benefit Transfer (DBT). This direct credit to beneficiary accounts ensures transparency and eliminates middlemen, correctly explaining the purpose of the integration.
PFMS integrates with CBS to enable Direct Benefit Transfer (DBT). This direct credit to beneficiary accounts ensures transparency and eliminates middlemen, correctly explaining the purpose of the integration.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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A and B are partners. A draws ₹5,000 at the beginning of each month. Interest on drawings @ 12% p.a. for the year will be:
Correct Answer: Option B
Explanation:
If drawings are made in the beginning of every month, average period = (12+1)/2 = 6.5 months. Total drawings = 5000*12 = 60,000. Interest = 60,000 * 12% * 6.5/12 = 60000 * 0.12 * 0.54167 = ₹3,900.
If drawings are made in the beginning of every month, average period = (12+1)/2 = 6.5 months. Total drawings = 5000*12 = 60,000. Interest = 60,000 * 12% * 6.5/12 = 60000 * 0.12 * 0.54167 = ₹3,900.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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