On attaining majority, a minor admitted to benefits has the option to become a partner within: MCQ with Answer and Explanation

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On attaining majority, a minor admitted to benefits has the option to become a partner within:

A. 6 months

B. 2 years

C. 1 year

D. 3 months

Answer: Option A

Solution (By JKSSB Mock Tests)

Within 6 months of attaining majority, he must decide whether to become a partner or not.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Which of the following is an example of a real account?

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Correct Answer: Option A

Explanation:
Machinery Account represents a tangible asset, which is a real account. The rule is 'Debit what comes in, credit what goes out'.

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Correct Answer: Option C

Explanation:
Exchequer control ensures government spending is in accordance with approved grants.

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A company's 'Return on Capital Employed' (ROCE) improved from 12% to 15%. This indicates:

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Correct Answer: Option A

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