Question 21
Question 21 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
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 (...
1.5. Preparation of financial state...

how to calculate and record the adjustments needed and the effect on financial statements in respect of: accruals and prepayments of income and expenses, irrecoverable debts, irrecoverable debts recovered and allowance for irrecoverable debts, depreciation, inventory valuation, correction of errors

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