Partners' share of profit is credited to?
A partner's current account
A partner's capital account
The profit and loss account
The profit and loss appropriation account
Correct answer is A
No explanation has been provided for this answer.
The gross profit disclosed in the branch stock adjustment account represents?
Head office profit
Unrealized profit
Estimated profit
Branch profit
Correct answer is D
No explanation has been provided for this answer.
The amount of subscriptions accrued is reported in the balance sheet under?
Fixed asset
Long-term liability
Current asset
Current liability
Correct answer is D
No explanation has been provided for this answer.