Q37.Under ___ method, the balance of the capital account fluctuates from year to year.
(1) Current account
(2) Fixed capital account
(3) Floating capital account
(4) Fluctuating capital account
Answer
Fluctuating capital account
Related Questions on Theory Base of Accounting
Q38.Which of the following is not a current asset ?
(1) Debtors
(2) Prepaid Expenses
(3) Bills Receivable
(4) Furniture
Answer
Furniture
Q39.During the lifetime of an entity accounting produce financial statements in accordance with which basic accounting concept:
(1) Matching
(2) Conservation
(3) None of the above
(4) Accounting period
Answer
Accounting period