Q21. Dues in a bank OD implies a ----- in the passbook
1) Credit
2) Debit
3) Could be credit/debit depending on the
circumstances
4) Contra entry
Q22. As per ----- method, goods issued for
production/sale are valued according to price paid for the latest consignment
on hand.
1) FIFO
2) LIFO
3) Average cost
4) Base stock
Q23. A Joint Venture is governed by -------
1) Indian Contract Act
2) Company Act
3) Partnership Act
4) None of the above
Q24. Joint venture is generally a -----
1) Long lasting partnership
2) Permanent partnership
3) Temporary partnership
4) Either (a) or (b) above
Q25. Carriage is a -----
1) Real account
2) Nominal account
3) Representative personal account
4) Personal account
Answers:
