The Partnership Deed provides for a salary of Rs. 7,000 per month to partner X. It will be
A. Credit to Profit and Loss Account (Adjustment Account)
B. Credited to the Current Account of Partner X
C. Credited to Salary Payable A/c
D. Debited to Capital A/c of X
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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