Which of the following statements is correct? MCQ with Answer and Explanation

Question
Which of the following statements is correct?
A. Partners are entitled to salary if deed provides
B. Partners get interest on capital in all circumstances
C. Partners share profits equally always
D. A minor can be a full-fledged partner
Answer: Option A
Solution (By JKSSB Mock Tests)
Salary to partners is allowed only if partnership deed provides. Interest on capital is not automatic. Profits sharing can be unequal. Minor cannot be a partner, only admitted to benefits.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The primary objective of Financial Management is:
A. Wealth maximization of shareholders
B. Profit maximization
C. Maximizing market share
D. Minimizing taxes
Discuss
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Correct Answer: Option A

Explanation:
Wealth maximization is considered the superior objective as it accounts for long-term value creation, risk, and the time value of money.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Direct deposit by a customer into the bank account, not recorded in the Cash Book, will cause:
A. Pass Book balance to be higher than Cash Book balance
B. No difference in balances
C. Cash Book balance to be higher than Pass Book balance
D. Pass Book balance to be lower than Cash Book balance
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Correct Answer: Option A

Explanation:
The bank records the deposit immediately (increasing Pass Book balance), but the cash book is un-updated until the statement is received.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Section 80GGC' deduction is available for:
A. Donations to political parties by individuals
B. Donations to political parties by companies
C. All donations
D. Donations to charitable trusts
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Correct Answer: Option A

Explanation:
Section 80GGC is for individuals to claim deduction for contributions to political parties. Companies claim under Section 80GGB.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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