The term 'Amalgamation' in partnership refers to: MCQ with Answer and Explanation

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The term 'Amalgamation' in partnership refers to:

A. Retirement of a partner

B. Dissolution of the firm

C. Combination of two or more partnership firms

D. Insolvency of a partner

Answer: Option C

Solution (By JKSSB Mock Tests)

Amalgamation occurs when two or more existing partnership firms decide to merge their businesses into a new partnership firm.

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

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The 'Form 26AS' is a statement of:

A. Only income tax paid

B. Wealth tax

C. All tax credits, TDS, TCS, and high-value transactions

D. GST paid

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Correct Answer: Option C

Explanation:
Form 26AS is a consolidated tax credit statement.

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Question #2

Rent outstanding is an example of which type of account?

A. Nominal Account

B. Representative Personal Account

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D. Artificial Personal Account

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Correct Answer: Option B

Explanation:
Outstanding expenses represent amounts payable to specific persons, thus classifying them as representative personal accounts.

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Question #3

The 'Cash Budget' primarily helps in:

A. Profit planning

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Correct Answer: Option B

Explanation:
Cash budget forecasts cash receipts and payments to ascertain cash surplus or deficit.

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