Q17.Appropriations are the transactions that happen between firm and partners in the capacity of ___________
(1) Outsider
(2) Partner
(3) None of these
(4) Either A or B
Answer
Partner
Related Questions on Theory Base of Accounting
Q18.A liability arises because of:
(1) Cash transaction
(2) Credit transaction
(3) Cash and credit transaction
(4) None of the options
Answer
Credit transaction
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