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

Question
Which of the following is a feature of a joint venture?
A. It is formed for a specific, short-term project
B. It has perpetual succession
C. It has a separate legal entity
D. It is governed by the Companies Act
Answer: Option A
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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Practice More Accountancy and Book Keeping Questions

Question #1
Goods distributed as free samples are debited to:
A. Advertisement Account
B. Drawings Account
C. Purchases Account
D. Sales Account
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Correct Answer: Option A

Explanation:
Free samples are treated as advertising expense.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Preliminary expenses are generally classified in the balance sheet under:
A. Current Assets
B. Fixed Assets
C. Fictitious Assets / Unamortized expenditure
D. Intangible Assets
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Correct Answer: Option C

Explanation:
Preliminary expenses are fictitious assets representing past expenditures that haven't been completely written off to the P&L account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a contra account?
A. All of the above
B. Provision for Doubtful Debts
C. Bank Account in Cash Book
D. Accumulated Depreciation
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Correct Answer: Option A

Explanation:
Provision for Doubtful Debts is a contra asset to Debtors, Bank/Cash is a contra account in the cash book, and Accumulated Depreciation is a contra asset to Fixed Assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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