Where partners maintain a fluctuating capital account, partners' share of profit is credited to
Capital account
Profit and loss appropriate account
Current account
Profit and loss account
Correct answer is A
No explanation has been provided for this answer.
A limitation of the money measurement concept is that
it results in inaccurate financial statements
financial statement is not easily understood
important non-monetary activities are not reported
the reports are not comparable to that of other businesses
Correct answer is C
No explanation has been provided for this answer.
An amount set aside to meet expenses whose value is not certain is a
Reserve
Liability
Provision
Prepayment
Correct answer is C
No explanation has been provided for this answer.
Set aside from profit for an unknown liability
Of loss from trading activities
Of profit from trading activities
Set aside from profit for a specific purpose
Correct answer is D
No explanation has been provided for this answer.
Use the following information to answer the question below
D473,000
D438,000
D422,000
D410,000
Correct answer is B
No explanation has been provided for this answer.