The 'Value in Use' calculation uses: MCQ with Answer and Explanation
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Question #1
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In a partnership, interest on capital is allowed only when:
Correct Answer: Option C
Explanation:
Interest on capital is payable only if the partnership deed so provides, and only out of profits.
Interest on capital is payable only if the partnership deed so provides, and only out of profits.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The petty cash book is balanced:
Correct Answer: Option D
Explanation:
Under imprest system, petty cash book is closed when cash is replenished, not periodically.
Under imprest system, petty cash book is closed when cash is replenished, not periodically.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The concept of 'Social Audit' gained mandatory prominence in India under which scheme?
Correct Answer: Option A
Explanation:
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) legally mandated regular social audits by Gram Sabhas to monitor works.
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) legally mandated regular social audits by Gram Sabhas to monitor works.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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