Question 15
Question 15 of 30
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No letter options?
Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
1. Financial accounting (...
1.5. Preparation of financial state...

the provisions of the Partnership Act 1890 in respect of partners’ salaries, division of profit or loss, interest on partners’ loans, interest on capital and interest on drawings

3. Financial accounting (...
3.1. Preparation of financial state...

how to prepare partners’ capital and current accounts to record changes required in respect of goodwill and revaluation of assets on: a change in the partners’ profit-sharing ratio, the introduction of a new partner, the retirement of an existing partner, the dissolution of a partnership

1. Financial accounting (...
1.3. Accounting for non-current ass...

the effect on profit/loss and asset value of the incorrect treatment of capital and revenue expenditure