An agreement made by partners to regulate and govern their business activities is known as?
A. partnership Act B. Partnership Deed C. partnership code D. Memorandum Correct Answer: Option B B. Partnership Deed
Profits are recognized when goods are sold. What concept is this?
A. realization B. matching C. periodicity D. going concerned Correct Answer: Option A A. realization
“The Accountant thinks the investment in the books are worthless”. This is?
A. consistency concept B. objectivity concept C. conservatism concept D. money measurement concept Correct Answer: Option D D. money measurement concept
Jeng Limited disposed of a fixed asset in 1999 for N2,000. The asset was purchased in 1996 at a cost of N10,000 and has been depreciated at the rate of 20% per annum using the straight-line method. What was the book value when the asset was sold?
A. N8,000 B. N6,000 C. N4,000 D. N2,000 Correct Answer: Option C C. N4,000Products
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