A. Selling price B. Fixed percentage on cost C. Cost price D. Invoice price Correct Answer: Option C - Cost…
A. Bonus B. Good will C. Premium D. Commission Correct Answer: Option B - Good will Explanation Goodwill is the…
A. Partners salaries B. Interest on capital C. Interest on loans D. Partners drawings Correct Answer: Option C - Interest…
A. Debit entry A. Contra entry C. Credit entry D. Reversal entry Correct Answer: Option A - Debit entry Explanation…
A. Dependent branch B. foreign branch C. independent branch D. single branch Correct Answer: Option D - single branch
A. To cover some expenses of the following year B. To show the provisions made during the year C. To…
A. Current asset B. Fixed asset C. Current liability D. Fixed liability Correct Answer: Option C - Current liability Explanation…
Ade, Tony, Rose share profit and losses in the ratio of 3 : 2 : 1 respectively. Ade retires and…
A. Income and expenditure account B. profit and loss account C. receipt and payment account D. trading account Correct Answer:…
A. Cash account B. purchase account C. goodwill account D. sales account Correct Answer: Option C - goodwill account Explanation…