A 'Partnership Deed' contains: MCQ with Answer and Explanation

Question
A 'Partnership Deed' contains:
A. Only profit sharing ratio
B. Terms and conditions of partnership
C. Only capital contributions
D. Only the name of the firm
Answer: Option B
Solution (By JKSSB Mock Tests)
It is a written agreement that includes all terms like profit sharing, interest on capital, salary, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In BRS, if the cash book shows a bank balance of ₹10,000 (Dr.) and there is an unpresented cheque of ₹2,000, the passbook balance will be:
A. ₹8,000
B. ₹2,000
C. ₹10,000
D. ₹12,000
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Correct Answer: Option D

Explanation:
Unpresented cheque has been deducted in cash book but not in passbook. So passbook balance = Cash book balance + Unpresented cheque = 10,000 + 2,000 = ₹12,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Contract Costs' under Ind AS 115 include:
A. Incremental costs of obtaining a contract and costs to fulfil a contract that are not covered by other standards
B. Only material
C. Only direct labour
D. All costs
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Correct Answer: Option A

Explanation:
Incremental costs (like sales commissions) are capitalised if expected to be recovered.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Subsequent Events' in audit refer to:
A. Events occurring between the balance sheet date and date of auditor's report
B. Events after auditor's report
C. Events before the balance sheet date
D. All future events
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Correct Answer: Option A

Explanation:
Auditors consider events after the reporting period up to the date of the report.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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