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Q. Branch Trading &Profit & Loss A/c is only a _________ account not forming part of the full accounting system.

Q. Which of the following branches, taking into consideration the scope of authority and responsibility, prepares its own independent final accounts?

Q. For any decrease in the value of liability, revolution A/c is to be:

Q. Partners equity is effected due to:

Q. In the absence of an agreement profit and loss are divided by partners in the ratio of:

Q. The principle “Debit the receiver and credit the giver” is related to_____

Q. A partners has to pay interest on drawings what is the entry in the personal A/c of the partner?

Q. Amount due to outgoing partner is shown in the balance sheet as his:

Q. In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:

Q. Which accounting concept specifies the practice of crediting closing stock to the trading account?