Question : If Memorandum revaluation account is prepared, Assets and liabilities will appear in balance sheet at

Option 1: New values

Option 2: Old values

Option 3: Cost

Option 4: None of the above

Question : Main objective for revaluing Assets and liabilities on admission is

Option 1: Assets and liabilities should appear at new values

Option 2: Any profit and losses on account of changes in value belong only to old partners

Option 3: All unrecorded assets and liabilities get recorded

Option 4: None of the above

Question : How are the following items presented in the financial statement of a Non-profit organisation: Subscriptions due at the end?

Option 1: assets side of the Balance Sheet

Option 2: liabilities side of the Balance Sheet

Option 3: Both 1 and 2

Option 4: None of the above

Question : If the Balance Sheet does not have an item of Provision for Depreciation or Accumulated Depreciation, it means that fixed assets are shown in the Balance Sheet at their--------------.

Option 1: Written down value

Option 2: Original cost

Option 3: Both 1 and 2

Option 4: None of the above

Question : If the Balance Sheet does not have an item of Provision for Depreciation or Accumulated Depreciation, it means that fixed assets are shown in the Balance Sheet at their--------------.

Option 1: Written down value

Option 2: Original cost

Option 3: Both 1 and 2

Option 4: None of the above