An unregistered partnership firm cannot sue third parties, but: MCQ with Answer and Explanation

Question
An unregistered partnership firm cannot sue third parties, but:
A. It cannot enter contracts
B. It cannot be sued
C. It can be sued
D. It has no legal existence
Answer: Option C
Solution (By JKSSB Mock Tests)
An unregistered firm cannot sue, but third parties can sue the firm.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Under Ind AS 115, 'Variable Consideration' (like bonuses or penalties) can only be included in the transaction price if:
A. The performance obligation is fully satisfied.
B. The customer has explicitly agreed to the variable amount in the contract.
C. The entity has received the cash for the variable consideration.
D. It is highly probable that a significant reversal in the amount of cumulative revenue will not occur.
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Correct Answer: Option D

Explanation:
Ind AS 115 imposes a constraint on variable consideration. It can only be included in the transaction price to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty is resolved.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Social accounting primarily focuses on:
A. Reporting the social and environmental impact of a business
B. Calculating tax liabilities
C. Maximizing shareholder wealth
D. Auditing internal controls
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Correct Answer: Option A

Explanation:
Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Debentures are shown in Balance Sheet under:
A. Share capital
B. Current liabilities
C. Long-term borrowings
D. Reserves and surplus
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Correct Answer: Option C

Explanation:
Debentures are long-term borrowings unless they are due within 12 months, then current liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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