Q19.Among the following assets, which one is fictitious asset?
(1) Goodwill
(2) Debit balance of Profit &loss A/c
(3)(b) Oil wells
(4) Patents
Answer
Debit balance of Profit &loss A/c
Related Questions on Theory Base of Accounting
Q20.Goods means :
(1) Commodity to be used as an asset
(2) Commodity to be bought and sold
(3) None of these
(4) Commodity to be bought but not to be sold
Answer
Commodity to be bought and sold
Q21.Current Liabilities is
(1) Debentures
(2) Creditors
(3) None of these
(4) Long-term Loan
Answer
Creditors