Dissolution of Partnership takes place when– (A) A partner misbehaves (B) A partner becomes of unsound mind (C) Business is running at a loss (D) A partner dies

Dissolution of Partnership takes place when– (A) A partner misbehaves (B) A partner becomes of unsound mind (C) Business is running at a loss (D) A partner dies  
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Answer: A partner dies
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Garner Vs. Murray rule applies in case of– (A) Admission of a partner (B) Dissolution of a firm (C) Retirement of a partner (D) Death of a partner

Description : Garner Vs. Murray rule applies in case of– (A) Admission of a partner (B) Dissolution of a firm (C) Retirement of a partner (D) Death of a partner

Last Answer : Answer: Dissolution of a firm

Auditing of accounts is compulsory for– (A) Sole proprietary business (B) Partnership firms (C) Joint Stock Companies (D) None of the above

Description : Auditing of accounts is compulsory for– (A) Sole proprietary business (B) Partnership firms (C) Joint Stock Companies (D) None of the above

Last Answer : Answer: Sole proprietory business

Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Description : Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Last Answer : Answer: An individual

Internal Audit is provided for in the– (A) Companies Act (B) Partnership Act (C) Both (A) and (B) (D) Neither (A) or (B)

Description : Internal Audit is provided for in the– (A) Companies Act (B) Partnership Act (C) Both (A) and (B) (D) Neither (A) or (B)

Last Answer : Answer: Neither (A) or (B)

The existence of a Partnership Firm is– (A) Separate from partners (B) Not separate from partners (C) Both (A) and (B) (D) None of the above

Description : The existence of a Partnership Firm is– (A) Separate from partners (B) Not separate from partners (C) Both (A) and (B) (D) None of the above

Last Answer : Answer: Not separate from partners

According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20

Description : According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20

Last Answer : Answer: 10

Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

Description : Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930

Last Answer : Answer: 1932

The Agreement of Partnership– (A) Must be oral (B) Must be in writing (C) Can be either oral or in writing (D) Must be in writing on a stamp paper

Description : The Agreement of Partnership– (A) Must be oral (B) Must be in writing (C) Can be either oral or in writing (D) Must be in writing on a stamp paper

Last Answer : Answer: Can be either oral or in writing

Partnership may come into existence by– (A) The operation of law (B) An express agreement only (C) An express or implied agreement only (D) Inheritance of property

Description : Partnership may come into existence by– (A) The operation of law (B) An express agreement only (C) An express or implied agreement only (D) Inheritance of property

Last Answer : Answer: An express or implied agreement only

The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ___ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90

Description : The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ___ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90

Last Answer : 30

If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Description : If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Last Answer : Answer: Old profit sharing ratio

When an incoming partner purchases his share from any one of the existing partners, then– (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent of payment received from the new partner (C) total assets of the firm will be reduced to the extent of payment received from the new partner (D) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

Description : When an incoming partner purchases his share from any one of the existing partners, then- (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent ... ) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

Last Answer : Answer: total assets of the firm do not change

On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Description : On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Last Answer : Answer: Transferred to Revaluation Account

The cement becomes unsound by the presence of excess (A) Sulphur (B) Magnesia (C) Lime (D) All of these

Description : The cement becomes unsound by the presence of excess (A) Sulphur (B) Magnesia (C) Lime (D) All of these

Last Answer : Answer: Option D

The disqualification of the member is a) Has been convicted and sentenced to imprisonment for an offence which , in the opinion of the state govt involves moral turpitude b) Is an undercharged insolvent c) Is of unsound mind d) All the above

Description : The disqualification of the member is a) Has been convicted and sentenced to imprisonment for an offence which , in the opinion of the state govt involves moral turpitude  b) Is an undercharged insolvent c) Is of unsound mind d) All the above

Last Answer : d) All the above

Which of the following person do not fall under the category of persons of unsound mind? A. Drunkards B. Lunatics C. Idiots D. Blind person.

Description : Which of the following person do not fall under the category of persons of unsound mind? A. Drunkards B. Lunatics C. Idiots D. Blind person.

Last Answer : D. Blind person.

Which of the following persons are not competent to contract? A. Minor B. Person disqualified by law C. Person of unsound mind D. All of the above

Description : Which of the following persons are not competent to contract? A. Minor B. Person disqualified by law C. Person of unsound mind D. All of the above

Last Answer : D. All of the above

Insolvency of a partner of LLP automatically results in its dissolution.

Description : Insolvency of a partner of LLP automatically results in its dissolution.

Last Answer : Insolvency of a partner of LLP automatically results in its dissolution.

Insolvency of a partner of LLP automatically results in its dissolution.

Description : Insolvency of a partner of LLP automatically results in its dissolution.

Last Answer : TRUE

How dissolution takes place by hydrogen bonding?

Description : How dissolution takes place by hydrogen bonding?

Last Answer : Ans: Many covalent compounds having hydroxyl group (-OH) in them are dissolved in water. In such compounds hydrogen bonds are formed between the water molecules and solute, which make them soluble in water.

How dissolution takes place by hydration?

Description : How dissolution takes place by hydration?

Last Answer : Ans: When an ionic compound is dissolved in water+ve hydrogen atoms of water molecule surrounds the –ve ions of solute, & -ve oxygen atoms surrounds the +ve ions and thus hold it in the dissolved form. This process is called hydration.

How do you punish your child when he or she misbehaves?

Description : How do you punish your child when he or she misbehaves?

Last Answer : I disciplined my kids alot and I believe it the duty of all parents to do same, no need leaving kids to go wild in the name of either pampering or spoiling them. I have always believed in the carrot and ... repeat a certain chore or giving a new chore to be done etc will help put a child in check.

Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Description : Who are required to apply for accreditation with the Professional Regulation Commission if the applicant is a partnership of Professional Accountants? a. Managing partner only b. All partners only c. Partners and staff members d. Partners, principals, and staff members

Last Answer : Partners and staff members

A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Description : A partner surviving the death or withdrawal of all the other partners in a partnership may continue to practice under the partnership name for a period of not more than ___ years after becoming a sole proprietor. a. 1 b. 2 c. 3 d. 4

Last Answer : 2

Full form of PPPa) Public Partner Prize b) Public Private Partnership c) Public Pure Partner d) Public Partner Private

Description : Full form of PPPa) Public Partner Prize b) Public Private Partnership c) Public Pure Partner d) Public Partner Private

Last Answer : b) Public Private Partnership

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Last Answer : FALSE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh

Last Answer : FALSE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as deduction u/s 37 by the firm. a) Tax-free u/s 10(10D) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

Description : Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as ... ) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable

Last Answer : d) Rs.230000 is taxable

The loss on the sale of old furniture is debited to– (A) profit & loss account (B) furniture account (C) trading account (D) depreciation account

Description : The loss on the sale of old furniture is debited to– (A) profit & loss account (B) furniture account (C) trading account (D) depreciation account

Last Answer : Answer: profit & loss account

Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is– (A) Profit and Loss A/c (B) Advertisement A/c (C) Labour Welfare A/c (D) Goods A/c

Description : Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is– (A) Profit and Loss A/c (B) Advertisement A/c (C) Labour Welfare A/c (D) Goods A/c

Last Answer : Answer: Profit and Loss A/c

Balance of Debenture Redemption Fund Account is transferred to– (A) Capital Reserve A/c (B) Profit and Loss A/c (C) General Reserve A/c (D) None of these

Description : Balance of Debenture Redemption Fund Account is transferred to– (A) Capital Reserve A/c (B) Profit and Loss A/c (C) General Reserve A/c (D) None of these

Last Answer : Answer: General Reserve A/c

When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Description : When sale is Rs. 4,80,000, gross loss is 25% on cost, purchase is Rs. 3,50,000 and closing stock is Rs. 60,000, the stock in the beginning would be– (A) Rs. 70,000 (B) Rs. 94,000 (C) Rs. 1,34,000 (D) Rs. 3,50,000

Last Answer : Answer: Rs. 3,50,000

Government grants related to income as per the Accounting Standard (AS)-12 should be– (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset side of the balance sheet (C) Presented as a capital grant on the liability side of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet

Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet

Description : Which of the following is affected by treatment of an accrued item in accounting ? (A) Profit and Loss A/c only (B) Profit and Loss Appropriation A/c (C) Balance Sheet only (D) Profit and Loss A/c and Balance Sheet

Last Answer : Answer: Profit and Loss A/c and Balance Sheet

Profit prior to incorporation is transferred to– (A) Capital reserve (B) General reserve (C) Profit and Loss Account (D) Trading Account

Description : Profit prior to incorporation is transferred to– (A) Capital reserve (B) General reserve (C) Profit and Loss Account (D) Trading Account

Last Answer : Answer: Capital reserve

Which is not a insurable risk ? (A) Accident Risk (B) Loss of Crops Risk (C) The Risk of Trading in New Market (D) The Risk of Sinking of a Ship

Description : Which is not a insurable risk ? (A) Accident Risk (B) Loss of Crops Risk (C) The Risk of Trading in New Market (D) The Risk of Sinking of a Ship

Last Answer : Answer: The Risk of Trading in New Market

Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Description : Under vouching, checking is done of– (A) Journal and Ledger (B) Profit and Loss Account (C) Balance Sheet (D) All of the above

Last Answer : Answer: All of the above

Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Description : Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Last Answer : Answer: Meeting the cost of issue of shares or debentures

A large amount spent on special advertisement is– (A) Capital Expenditure (B) Revenue Expenditure (C) Revenue Loss (D) Deferred Revenue Expenditure

Description : A large amount spent on special advertisement is– (A) Capital Expenditure (B) Revenue Expenditure (C) Revenue Loss (D) Deferred Revenue Expenditure

Last Answer : Answer: Deferred Revenue Expenditure

In which one of the following, Crisis Management is reflected ? (A) Future expansion plans of business (B) Organization Development Programme (C) Short-term Manpower Planning (D) Prudent managerial leadership

Description : In which one of the following, Crisis Management is reflected ? (A) Future expansion plans of business (B) Organization Development Programme (C) Short-term Manpower Planning (D) Prudent managerial leadership

Last Answer : Answer: Prudent managerial leadership

Job Evaluation is carried on mainly for– (A) identifying geographical locational factors of business enterprise (B) promoting job satisfaction (C) simplifying wage administration (D) meeting competition effectively

Description : Job Evaluation is carried on mainly for– (A) identifying geographical locational factors of business enterprise (B) promoting job satisfaction (C) simplifying wage administration (D) meeting competition effectively

Last Answer : Answer: simplifying wage administration

Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

Which one of the following aims is achieved most through Office Record keeping ? (A) Efficiency of operations on shop floor (B) Business reputation (C) Storage of documents (D) Helping decision making

Description : Which one of the following aims is achieved most through Office Record keeping ? (A) Efficiency of operations on shop floor (B) Business reputation (C) Storage of documents (D) Helping decision making

Last Answer : Answer: Storage of documents

The most recent form of retail distribution is– (A) Mail order business (B) Chain stores (C) Departmental stores (D) Sky shopping

Description : The most recent form of retail distribution is– (A) Mail order business (B) Chain stores (C) Departmental stores (D) Sky shopping

Last Answer : Answer: Sky shopping

A public company can start its business operations after getting– (A) Certificate of Incorporation (B) Minimum Subscription (C) Certificate of Commencement of Business (D) Permission of the Controller of Capital Issue

Description : A public company can start its business operations after getting– (A) Certificate of Incorporation (B) Minimum Subscription (C) Certificate of Commencement of Business (D) Permission of the Controller of Capital Issue

Last Answer : Answer: Certificate of Commencement of Business

Strategy is used in– (A) Military (B) Business (C) Industry (D) All of the above

Description : Strategy is used in– (A) Military (B) Business (C) Industry (D) All of the above

Last Answer : Answer: All of the above

Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business firms may combine to take advantage of patent rights of individual firms (D) During economic depression, small firms are absorbed by financially sound large firms

Description : Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business ... firms (D) During economic depression, small firms are absorbed by financially sound large firms

Last Answer : Answer: Business combination is possible only among joint stock companies

In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called– (A) Reinsurance (B) Double Insurance (C) Joint Insurance Policy (D) Separate Insurance

Description : In order to reduce the risk of heavy insurance the insurer passes on some business to the other company, it is called– (A) Reinsurance (B) Double Insurance (C) Joint Insurance Policy (D) Separate Insurance

Last Answer : Answer: Reinsurance