Question : Assertion (A): The partner’s Private Property can be applied to pay the firm’s debt.

Reason (R): In a partnership firm, partners have unlimited liability.

Option 1: Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

Option 2: Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

Option 3: Only Assertion (A) is correct.

Option 4: Assertion (A) is not correct but the Reason (R) is correct.

Question : Assertion (A): Balance at Banks is transferred to Realisation Account.

Reason (R): Balance at Bank is not to be realised but instead distributed in its present form.

Option 1: Assertion (A) and Reason (R) are correct but the reason (R) is not the correct explanation of Assertion (A)

Option 2: Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

Option 3: Only Assertion (A) is correct.

Option 4: Assertion (A) is not correct but the Reason (R) is correct.

Question : Assertion (A): Dissolution of the firm means the dissolution of the partnership between all the partners of the firm.

Reason (R): Dissolution of the firm means the closure of business and therefore means dissolution of partnership also.

Option 1: Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct explanation of Assertion (A)

Option 2: Both, Assertion (A) and Reason (R) are correct and Reason (R) is the correct explanation of Assertion (A).

Option 3: Only Assertion (A) is correct.

Option 4: Both Assertion (A) and Reason (R) are not correct

Question : Assertion (A) Currency held by the public is a monetary liability of the central bank.

Reason (R) Central bank controls credit, whereas commercial banks create credit with the currency held by the public.

Option 1: Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Option 2: Both Assertion (A) and Reason (R) are true but Reason (R) is the not correct explanation of Assertion (A)

Option 3: Assertion (A) is true, but Reason (R) is false.

Option 4: Assertion (A) is false, but Reason (R) is true.

Question : Assertion A:- The term; Financial Analysis includes both; Analysis; and Interpretation, Analysis is concerned with the simplification of financial data given in the financial statements by proper classification. Interpretation is concerned with explaining the meaning and significance of the financial data.

Reason R: - These two terms are complementary to each other, i.e., analysis is not of much use without interpretation of analysis.

Option 1: Both Assertion A and reason R are correct but the reason R is not the correct explanation of Assertion A

Option 2: Both Assertion A and reason R are correct but the reason R is the correct explanation of Assertion A

Option 3: Both Assertion A is correct but the reason R is not correct

Option 4: Both Assertion A and reason R are not correct