Match the following:
| List-I | List-II |
| a. Revaluation account is prepared at the time of | 1. may or may not be surrendered at the time of retirement of a partner |
| b. Joint Life Policy | 2. to settle the claim of the outgoing partner |
| c. Premium on Joint Life Policy taken up on the lives of all partners is paid by | 3. admission of a partner |
| d. The objective of taking Joint Life Policy by a partnership firm is | 4. partnership firm |
A. a-4, b-3, c-2, d-1
B. a-3, b-1, c-4, d-2
C. a-2, b-1, c-4, d-3
D. a-2, b-4, c-1, d-3
Answer: Option B
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
Join The Discussion