Which of the following is a feature of a joint venture? MCQ with Answer and Explanation

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Which of the following is a feature of a joint venture?

A. It has perpetual succession

B. It is formed for a specific, short-term project

C. It has a separate legal entity

D. It is governed by the Companies Act

Answer: Option B

Solution (By JKSSB Mock Tests)

A joint venture is a temporary partnership formed for a specific venture or project, and it ceases to exist once the project is completed.

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

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Question #1

Amortisation is related to:

A. Fictitious assets only

B. Tangible assets

C. Current assets

D. Intangible assets

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Correct Answer: Option D

Explanation:
Amortisation is the systematic write-off of intangible assets like patents, copyrights.

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

Question #2

The 'Time of Supply' for services under forward charge, if invoice issued within prescribed period, is:

A. Due date of payment

B. Date of payment

C. Date of invoice or date of provision of service, whichever is earlier

D. Date of completion of service

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Correct Answer: Option C

Explanation:
Time of supply is earliest of date of invoice or date of payment (if invoice not issued within period, date of provision).

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

Question #3

The 'FASB' is the accounting standard-setting body of:

A. United States

B. United Kingdom

C. India

D. Japan

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Correct Answer: Option A

Explanation:
Financial Accounting Standards Board (FASB) sets US GAAP.

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

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