Accounts – TEST 1 (MCQ Maharashtra-12th Board)
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#1. Gross Profit is transferred to _______________ Account.
#2. The methodical classification of financial statement is called ___________.
#3. Income and Expenditure account is a ______________
#4. An Income and Expenditure account and a Balance Sheet is prepared as final accounts by a ___________
#5. In case of dissolution, assets and liabilities are transferred to _________ A/c.
#6. All activities of the partnership firm cease (stop) on _________ of firm.
#7. Gain ratio is calculated on ______________
#8. The profit or loss revaluation on retirement of partner are shared by _______
#9. _____________ A/c is debited when an unrecorded liability is brought into business.
#10. In case of admission of a partner, the profit or loss on revaluation of assets and liabilities is shared by ______ partners.