Net loss for a period is ultimately adjusted against: MCQ with Answer and Explanation

Question
Net loss for a period is ultimately adjusted against:
A. Liabilities
B. Sales
C. Assets
D. Capital
Answer: Option D
Solution (By JKSSB Mock Tests)
Net loss reduces owner's equity/capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
'Bills Payable' is shown under:
A. Current liabilities
B. Capital
C. Current assets
D. Non-current liabilities
Discuss
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Correct Answer: Option A

Explanation:
Bills payable are obligations payable on demand or within a year, thus current liabilities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In the absence of a partnership deed, what is the rule regarding salaries to partners?
A. Salary based on hours worked
B. No partner is entitled to a salary
C. Salary proportional to capital
D. Equal salary to all partners
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Correct Answer: Option B

Explanation:
Section 13(a) of the Indian Partnership Act, 1932 states that partners are not entitled to receive any remuneration for participating in the business.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Special Economic Zone' (SEZ) units are considered:
A. Outside the customs territory of India
B. Partially inside
C. Within the customs territory of India
D. Like DTA
Discuss
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Correct Answer: Option A

Explanation:
SEZ is treated as foreign territory for customs purposes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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