Where separate set of books are maintained, the ledger accounts required are . . . . . . . .
A. Memorandum joint venture and joint venture account with the other party
B. Joint venture account and the personal account of the other party
C. Joint bank account, co-venturer capital accounts and joint bank account
D. Joint bank account and joint venture account with the other party
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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