Q. An account operated to ascertain the loss or gain at the death of a partner is called:
✅ Correct Answer: (B)
revaluation account
Financial Accounting 2 MCQs and Notes
Q. If the remaining partner want to continue the business, after the retirement of a partner, a new partnership agreement:
✅ Correct Answer: (A)
necessary
Q. The accounting procedure at the retirement of partner is valued:
✅ Correct Answer: (D)
all of above
Q. Partners equity is effected due to:
✅ Correct Answer: (D)
all of above
Q. Revaluation account is operated to find out gain or loss at the time of:
✅ Correct Answer: (D)
all of above
Q. In case of retirement of a partner full good will is credited to the accounts of:
✅ Correct Answer: (A)
all partners
Q. The partnership may come to an end due to the:
✅ Correct Answer: (D)
all of the above
Q. In the revaluation account an increase in the value of land and building:
✅ Correct Answer: (B)
appears on the credit side
Q. In the revaluation account a decrease in the value of plant and machinery:
✅ Correct Answer: (A)
appears on the debit side
Q. At the time of a new partner Goodwill:
✅ Correct Answer: (C)
belongs only to the old partner who have credited it