CUET Accountancy Accountancy > Undefined PYQs

Valid partnership can be formulated even without a written agreement between the partners.

Each partner will share profit in same proportion as other in case partnership deed is not there.

Maximum number of partners as prescribed by Central Government can be 50

The method of settlement of dispute among the partner cannot be part of the partnership deed.

Acquisition Cost × Salvage Value

Acquisition Cost – Salvage Value

Salvage Value × Depreciation Rate

Acquisition Cost / Useful Life

Valid partnership can be formulated even without a written agreement between the partners.

Each partner carrying on the business is the principal as well as the agent for all the other partners.

The agreement may carry or not on any business. Mere co-ownership of a property can amount to partnership.

Persons who have entered into partnership with one another are individually called 'partners' and collectively called 'firm'.

Imperfect competition

Oligopoly

Perfect competition

Monopoly

NS = BPE + PF + TDS

NS = TE – TD

NS = TE + TD

NS = BPE – Allowances

Amount of Discount on issue of Debentures cannot be debited into Loss on issue of Debentures Account.

Amount of Discount on issue of Debentures can be debited into Loss on issue of Debentures Account.

Amount of Premium on Redemption of Debentures can be debited into Discount on issue of Debentures Account.

Amount of Discount on issue of Debentures can be debited into Premium on Redemption of Debentures Account.

Partners' Current Account will never be shown in Assets side of the Balance Sheet.

Partners' Current Account will either be shown in Assets side of the Balance Sheet or be shown in Liabilities side of the Balance Sheet.

Partners' Current Account will always be shown in Liabilities side of the Balance Sheet.

Partners' Current Account will always be shown in Assets side of the Balance Sheet.

AS-32

AS-25

AS-26

AS-01

Only Dearness Allowance

Basic Pay + Dearness Pay (if applicable)

Grade Pay + House Rent Allowance

Transport Allowance only

Housing expenses

Fuel charges

Erosion in purchasing power due to inflation

Commuting cost

Nominal Share Capital is a part of Authorized Share Capital

Un-issued Share Capital is a part of Authorized Share Capital

Un-Subscribed Share Capital is a part of Issued Share Capital

Called up Share Capital is a part of Subscribed Share Capital

Share application account is a personal account.

The director of a company must be a shareholder.

Paid up capital can exceed called up capital.

Capital reserves are created from capital profits.

Assets = Capital + Liabilities − Income

Assets = Liabilities + Capital + (Revenues − Expenses)

Assets = Capital − Expenses + Income

Assets = Revenues − Liabilities − Capital

AS-32

AS-25

AS-26

AS-01

(A), (B) and (D) only

(A), (B) and (C) only

(A), (B), (C) and (D)

(B), (C) and (D) only