In the case of dissolution of a firm, which one of the following statements is correct?
A. All the types of assets are not transferred to Realisation A/c
B. Accumulated Profit & Loss is transferred to Realisation A/c
C. All the types of assets are transferred to Realisation A/c
D. Contingent liabilities are transferred to Realisation A/c
Answer: Option A
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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