In the context of dissolution of a firm, which of the following statements is true:
A. Dissolution of a firm automatically result in dissolution of a partnership
B. Only firm's assets can be used for payment of firm's liabilities
C. Partner's loan is transferred to the Realisation account with other liabilities of the firm
D. A loan from partner's wife is transferred to the partner's loan account
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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