07 | 7/2016

35. Following 216 1116 statements with regard to a partnership firm. Identify which
is false if there is no partnership agreement.

A) Equal sharing of profit B) Salary is payable to working partners
C) Nointerest on capital D) Interest on loan is @6%
36. The famous case ‘Garner Vs Murray' is related to which of the following 7
A) Deficiency of an insolvent partner 8) Discharging a retired partner
C) Dissolution of a firm D) Payment of loss by a retired partner
37. Interest debited in the Pass Book is
A) Income
B) Expense
C) Can be either income or expense
D) Depends on the situation
38. CostControlisa _ பால்மா.
A) Corrective B) Precautionary C) Regulatory D) Preventive

39. Among the following which one 15 not a method of calculating goodwill 7

A) Super Profit B) Capitalisation
C) Capital Accumulation D) Annuity

40. Continuous Auditisusedin______ organisations.
A) Co-operative B) Large
C) Sole proprietorship D) Small

41. What is meant by ‘Internal Check’ or ‘Internal Control’ ?
A) Work of an employee is checked by another employee on completion of work
B) Work of an employee is checked by Auditor on completion of work

C) Work of an employee is checked automatically by another employee during
the course of work

D) Work of an employee is checked by auditor during the course of work
42. Which of the following is false with regard to ‘Audit 08061 ?

A) Itis the record of all facts and evidence obtained during the audit

8) Itis kept by the company in which the audit is conducted

©) Itis used by the Auditor to prepare the final report

D) Itis kept for long years, say 8 10 10 years

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