The 'Traditional Approach' classifies accounts into: MCQ with Answer and Explanation
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Question #1
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The rule 'Debit the receiver, Credit the giver' applies to:
Correct Answer: Option C
Explanation:
This rule is for personal accounts.
This rule is for personal accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Indian Accounting Standards' (Ind AS) are issued by:
Correct Answer: Option C
Explanation:
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.
Ind AS are notified by the Ministry of Corporate Affairs under Companies Act.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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S1: The sacrificing ratio is used during the admission of a new partner. S2: The gaining ratio is used during the retirement of a partner. Which statement(s) is/are correct?
Correct Answer: Option A
Explanation:
The sacrificing ratio determines how much share existing partners give up to the new partner. The gaining ratio determines how much share continuing partners acquire from the retiring partner. Both are correct.
The sacrificing ratio determines how much share existing partners give up to the new partner. The gaining ratio determines how much share continuing partners acquire from the retiring partner. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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