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Question: How is goodwill treated in the final accounts of a partnership?Options: As an assetAs a li..
Question: What is the purpose of preparing a final account in a partnership?Options: To determine th..
Question: Which method is commonly used for inventory valuation in partnership accounts?Options: FIF..
Question: What is the journal entry for the withdrawal of a partner\'s capital?Options: Debit Capita..
Question: How is the profit-sharing ratio determined in a partnership?Options: Equal distribution am..
Question: What is the effect of depreciation on partnership accounts?Options: Increases net incomeDe..
Question: Which accounting standard governs the treatment of partnership accounts?Options: AS 1AS 2A..
Question: What is the journal entry for the revaluation of assets in a partnership?Options: Debit As..
Question: Which of the following is NOT included in the trial balance?Options: AssetsLiabilitiesExpe..
Question: What is the purpose of preparing a profit and loss appropriation account in a partnership?..
Question: What is the effect of a partner\'s withdrawal on the capital accounts?Options: Increase in..
Question: How is depreciation treated in the final accounts of a partnership?Options: As an expense ..
Question: What method is commonly used for inventory valuation in partnership firms?Options: FIFOLIF..
Question: Which accounting standard governs the accounting for partnerships in India?Options: AS 1AS..
Question: What is the journal entry for the distribution of profits among partners?Options: Debit Pr..
Question: How is goodwill calculated when a new partner is admitted?Options: Average profit multipli..
Question: Which of the following is NOT a component of the trial balance?Options: AssetsLiabilitiesI..
Question: What is the journal entry to record the admission of a new partner?Options: Debit Cash, Cr..
Question: What is the effect of recording depreciation on financial statements?Options: Increases ne..
Question: Which of the following is NOT a component of the final accounts?Options: Income StatementB..
Question: What does a trial balance ensure?Options: That all accounts are balancedThat all transacti..
Question: What is the journal entry for recording accrued expenses?Options: Debit Expense, Credit Ca..
Question: Which accounting standard is primarily used in the United States?Options: IFRSGAAPIASFASBC..
Question: Which inventory valuation method assumes that the oldest inventory items are sold first?Op..
Question: How is straight-line depreciation calculated?Options: Cost of asset - Salvage value / Usef..
Question: What is the purpose of the final accounts?Options: To record daily transactionsTo summariz..
Question: Which of the following accounts would NOT appear on a trial balance?Options: CashAccounts ..
Question: What is the journal entry to record a cash sale of $1,000?Options: Debit Cash $1,000, Cred..
Question: If a company has a margin of safety of 20% and its break-even sales are $50,000, what are ..
Question: What happens to the contribution margin if the selling price increases while variable cost..
