One of the following statements is wrong if there is absence of partnership deed.
A. No partner has the right to receive salary
B. No interest is allowed on capital
C. No interest is to be charged on drawings
D. Interest @ 5% is to be allowed on the partner's loan to the firm
E. Profit & losses are to be shared equally by the partner's
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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