Which of the following statements is incorrect?
A. When proposed dividend does not exceed 10%. It is not obligatory on the company to transfer any profit to its reserve
B. Capital redemption reserve can be utilised for writing off miscellaneous expenses and losses
C. Dividends is not payable on the calls paid in advance by shareholders
D. Reserves created by revaluation of fixed assets are not permitted to be capitalised
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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