When any partner retires and the remaining partners carry on the business with the firm's property without any final settlements of accounts the outgoing partner is entitled to:
A. Interest @ 6% per annum of the amount due to him
B. Such share of the profits as may be proportionate to his share of the firm's property
C. Interest at mutually agreed rate
D. Interest at the rate charged by Banks on the amount due to him
Answer: Option C
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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