Read the following statements and give your answer according to the codes given below:
i. Credit on investment is calculated as a part of the final account preparation process
ii. Stock valuation is necessary to determine profit by creating a business account
iii. Working audit is a statutory requirement for auditing a company
iv. Garner vs. Murray case deals with the settlement of accounts in case of bankruptcy of a partner of a partnership firm
A. i and iv are correct
B. ii and iv are correct
C. iii and iv are correct
D. i and iii are correct
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
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