In case of dissolution, prior to final distribution to partners, the balance of cash should be equal to
A. the sale of assets plus the beginning balance of cash after payment of liabilities
B. the balance of cash prior to the sale of assets plus or minus a gain or loss from realisation
C. the sale of assets minus the beginning balance of cash prior to payment of liabilities
D. the total capital balances
Answer: Option D
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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